eToro to Cease Operations in the Philippines by February 2025: Users Must Withdraw Funds
Investment platform eToro will exit the Philippines, requiring all accounts to be closed or funds withdrawn by February 7, 2025. This decision follows global regulatory scrutiny and local advisories from the Philippine SEC against unlicensed financial operations. eToro will stop offering its services, including crypto wallets, CopyTrader, and Smart Portfolios. Trading on eToro will suspend by December 8, 2024, and wallet services will cease by December 15, 2024. Currently, some users are already experiencing account closures and access issues. In light of eToro’s status in the Philippines, the SEC had previously flagged the platform for illegal operation without registration. The platform’s U.S. counterparts face similar regulatory pressures, with restrictions on trading except for Bitcoin, Bitcoin Cash, and Ethereum. Affected users should utilize the remaining time to close positions and withdraw funds through eToro’s customer service. This exit reflects broader regulatory trends that may lead to increased local and global market scrutiny.
Bearish
The decision by eToro to cease operations in the Philippines as a response to regulatory pressures could unsettle crypto traders in the region, leading to a short-term bearish impact on the market. This reflects broader regulatory challenges, indicating potential operational disruptions for unregistered platforms. Similar past events have often resulted in reduced trading activities and market value drops in affected regions. Long-term market sentiment may remain cautious as regulatory scrutiny increases globally, potentially affecting market stability and trader confidence.