Financial services and cryptocurrency platform eToro has announced that it will terminate its services for clients in the Philippines beginning next month, citing “regulatory changes” as the reason. The company informed Philippine-based clients that popular features such as the eToro Money crypto wallet, CopyTrader, and Smart Portfolios will be discontinued on December 8, 2024.
The withdrawal process will proceed as follows:
- December 1, 2024: Crypto asset transfers will cease.
- December 8, 2024: All open positions must be closed; accounts will remain accessible only for fund withdrawals.
- December 15, 2024: The eToro Money crypto wallet will be disabled.
- January 19, 2025: Final deadline for withdrawal requests.
- February 7, 2025: Access to all accounts will be permanently disabled.
eToro clarified that clients who have moved out of the Philippines and wish to continue using the platform must update their address within two months and provide proof of residence change.
This decision follows a March advisory from the Philippine Securities and Exchange Commission (SEC), which warned the public about engaging with eToro, as the company was not authorized to offer securities within the country. The SEC has previously raised similar concerns about other major crypto platforms, such as Binance.
eToro indicated it remains open to resuming services in the Philippines if future regulatory changes allow. “We would be more than happy to explore the possibility of offering our services in your country again,” the firm stated.
Comments are closed for this article!