eToro leaving the Philippines? The popular financial app announces plans to discontinue its PH services. This includes its in-app crypto wallet, CopyTrader, and Smart Portfolios.
Important Dates:
- Account Closure: December 8, 2024
- Coin Transfer Deadline: December 1, 2024
- Wallet Access Deadline: December 15, 2024
- Final Account Access: February 7, 2025
eToro leaving the Philippines: Action steps
- Close Positions or Withdraw Funds: Before December 8th, close all open positions and withdraw available funds.
- Transfer Crypto: Move your crypto assets from your eToro wallet to an external wallet by December 1, 2024.
- Monitor Updates: Stay informed about the latest announcements from eToro regarding the closure process.
Reason why eToro is ceasing their PH operations:
While eToro hasn’t provided a detailed explanation, the Securities and Exchange Commission (SEC) advisory suggests that the platform may not have the necessary authorization to operate in the Philippines, like what happened with Binance.
Consider exploring alternative financial platforms that are authorized to operate in the Philippines. Research and compare their offerings to find a suitable solution for your investment needs.
