eToro ending services in the Philippines

Short URL: https://www.yugatech.com/go/izxi

Financial app eToro will no longer be offering their services in the Philippines. This includes their in-app crypto 531 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) might shed some light. TL,DR: the platform isn’t authorized to sell or offer securities in the Philippines.

Duane Villanueva

Communication graduate, closet cynic, and kid at heart. Duane is a rare person to find, quite literally. He often takes to himself but has proven his mettle in tech media with his quick wits. Well, the portfolio of scriptwriting, web content, and public relations help too, we suppose. As a homebody, he often spends his time on the streaming platform Twitch or ‘farming’ gaming clips with friends. He is also an avid fan of round glasses and anything relative to blueberries.

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