Financial app eToro will no longer be offering their services in the Philippines. This includes their in-app crypto wallet, CopyTrader, and Smart Portfolios.
Users should be notified via email that their accounts will be closed. However, accounts will remain open until December 8th, 2024 with limited access. Users may only close all open positions or request for withdrawal of available funds.
Users should also note that the platform’s coin transfer services will stop on December 1st, 2024. If any users miss the deadline, moving crypto positions to the eToro wallet will not be available.
As for wallet access, it will be available until December 15th, 2024. Until then, users are urged to transfer coins from their eToro wallets to an external wallet. Access to accounts will cease starting February 7th, 2025.
While eToro has been tight-lipped towards this move, an advisory from the Securities and Exchange Commission (SEC) 534 might shed some light. TL,DR: the platform isn’t authorized to sell or offer securities in the Philippines.
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