eToro Users in PH Face a Deadline—What Traders Need to Do Now
Investment and trading platform eToro will delete all Philippine-based accounts within the next 120 days, ending on February 7, 2025. According to an email from the platform to its users, eToro stated that after reviewing the regions in which it operates, it decided to cease operations in the Philippines.
What’s the significance: eToro’s exit will affect Filipino users who have been trading stocks and crypto on it.
The Big Picture: The exit of the platform in the country coincides with the regulatory crackdowns on unlicensed financial platforms globally. In the Philippines, the SEC has been actively monitoring and issuing advisories against foreign trading platforms.
Key details:
- eToro will no longer offer their services This includes their in-app crypto wallet, CopyTrader, and Smart Portfolios.
- Trading suspension starts December 8, 2024.
- After this date, withdrawals may only be possible via customer service, not through the app.
- Wallet services will stop by December 15, 2024.
- Accounts will be fully deleted by February 7, 2025.
- Users will be notified via email and must close positions or withdraw funds.
- eToro noted that withdrawals may be possible only through customer service after suspension.
PH Users Receive Emails from eToro
On the other hand, while the deadlines are still months away, some users with zero funds on their accounts already reported receiving emails from the platform informing them that eToro will soon close their accounts.
- In a post from GCrypto Head Luis Buenaventura, a user reported that while he still has funds on his account, we can longer access the website.
Other users shared that their accounts were closed since last month.
eToro vs PH SEC
Previously: Last April, the SEC flagged eToro, XM, and other platforms for offering investments illegally without proper registration or licenses.
- The Commission emphasized that eToro is not registered as a corporation in the Philippines and lacks the proper licenses to sell securities or engage in brokerage activities.
eToro in the US
Moreover: eToro also faced regulatory actions in the U.S., including a $1.5 million settlement with the SEC for operating as an unregistered broker and clearing agency in its crypto trading activities.
- U.S. customers are now restricted to trading only Bitcoin, Bitcoin Cash, and Ether on eToro’s platform, with all other assets available for sale only for 180 days post-order.
How it works:
- Users must close all open positions and withdraw their funds by February 7, 2025.
- Crypto wallet transfers will stop by December 1, 2024, and wallet access will be disabled by December 15, 2024.
How to transfer funds out of eToro:
Sending crypto from your eToro Money wallet:
Step 1: Open the eToro Money app and sign in.
Step 2: Tap the ‘Crypto’ icon to view wallets.
Step 3: Choose the desired crypto to send and tap ‘Send’.
Step 4: Enter the amount and recipient’s public address (users can either type it in or scan the QR code).
Step 5: Double-check the address and tap ‘Send’.
Step 6: Enter the SMS code sent to your phone and tap ‘Verify’.
Step 7:. The user will get a confirmation screen, and where they can check their transactions for status updates.
- To verify a public key, use a blockchain explorer for that crypto.
Withdraw from eToro USD investment account:
Step 1: Click the “Withdraw Funds” button in the left-hand menu.
Step 2: Enter the amount and select “Next.”
Step 3: Choose a payment method or add a new one.
Step 4: Click “Submit.”
Withdraw from GBP or EUR (eToro Money) account:
Step 1: In the eToro Money app, select “Make Payment” under the Cash tab.
Step 2: Choose or add a new payee.
Step 3: Enter the amount, click “Continue,” add a reference, and click “Send.”
Step 4: Users will see a confirmation screen; payments may take up to 2 hours.
What’s next:
Affected users should transfer funds out of eToro before account deletion by following available customer service protocols, as app-based withdrawals may be restricted after the suspension date.
Worth reading: While the Philippine SEC is still keen to flag unregulated operations of crypto platforms, the Commission recently shared that it is preparing to establish a futures market in the country, with support from the U.S. CFTC and ADB, to enhance investor options and strengthen the local capital market hinting at a possibility for crypto futures.
This article is published on BitPinas: eToro Users in PH Face a Deadline—What Traders Need to Do Now
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