A recent development in the investment sector in the Philippines involved the Securities and Exchange Commission (SEC) of the country declaring that eToro, a renowned retail trading platform, does not have the necessary authorization to sell securities within the country. The SEC representative highlighted the importance of meeting specific requirements for offering or selling securities and investment products to the public in the Philippines.

eToro, a popular trading platform with millions of users globally and offering over 90 cryptocurrency assets, was found to lack the required license to operate in the Philippines. The SEC's statement emphasized that eToro's operator is not registered as a company in the Philippines, operating without the necessary license to sell any securities as defined by the law.

Furthermore, the SEC warned individuals supporting eToro, stating that they would be considered facilitators of the platform and could face legal consequences, including imprisonment and fines. This development is causing concern in the industry, given eToro's broad user base in the cryptocurrency markets.

Similarly, Binance faced regulatory barriers in the Philippines earlier in March, with the SEC planning to block local access to the platform due to allegations of offering investment opportunities without a license. As a result, the SEC decided to restrict Binance's access in the country.