Online overseas stockbroker eToro will cease operations in the Philippines.
eToro said it has informed clients to completely close all open positions and request a withdrawal of funds out of its platform until December 8.
eToro’s facility allows Philippine-based investors to invest in overseas-listed stocks, exchange-traded funds and indices and trade in foreign currency and cryptocurrency .
In April, the Securities and Exchange Commission flagged the company for operating without registration from the local regulator.
In eToro’s message to Philippines-based clients, the trading platform said t its coin transfer services will stop on December 1 and its crypto wallet access will be blocked by December 15.
“Please ensure that you transfer out any coins from the eToro wallet to an external wallet,” it said.
eToro said Philippine-based accounts will be deactivated by February 7 next year.