eToro has announced its decision to cease operations for clients in the Philippines, attributing the move to “risk management considerations.” The broker is currently closing inactive accounts and is in the process of shutting down other accounts.
An eToro spokesperson confirmed, “As a global business, eToro constantly reviews and updates the countries from which we onboard and service clients based on risk management considerations.” Consequently, eToro will no longer offer services to users in the Philippines.
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Affected customers have begun receiving emails informing them of the changes, which include the discontinuation of services such as crypto wallets, copy trading, and ‘Smart Portfolios.’ Filipino users have until December 8, 2024, to close their accounts and withdraw their funds.
Additionally, eToro will halt crypto transfers to its Wallet platform on December 1, 2024, and block Wallet access on December 15, 2024. From February 15, 2025, all accounts for Philippine residents will be inaccessible. Users living outside the Philippines have been urged to update their addresses and provide recent proof of residence to maintain their accounts.
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