XM, eToro Flagged by SEC for Unlicensed Investment Operations | BitPinas

The Securities and Exchange Commission (SEC) has recently issued advisories against the operations of the online investment trading platforms XM and eToro.

These advisories follow previous advisories vs. other high-profile platforms such as Binance, MiTrade, and OctaFX, which were subsequently ordered to be blocked in the Philippine internet space by the National Telecommunications Commission (NTC).

SEC Advisory vs XM and eToro

The advisories state that XM and eToro are offering investments illegally to the public in the Philippines.

• These platforms have also engaged in promotional campaigns targeting Filipino investors, offering trading in cryptocurrencies, stocks, and other financial products without the necessary SEC registration and license, the Commission said in its advisories.
• More importantly, the SEC said neither XM nor eToro is registered as a corporation in the Philippines, nor do they possess the necessary license or authority to sell securities or engage in brokerage activities as required under the Securities Regulation Code (SRC).

The advisories are meant to inform and protect Filipino investors from the risks associated with investing through unregulated and unregistered online platforms, the Commission stated.

Legal Consequences Highlighted

• Individuals acting as salesmen, brokers, dealers, agents, or in any capacity that promotes these platforms within the Philippines may face criminal liability.
• Penalties include a fine of up to Five Million Pesos (PHP 5,000,000.00) or imprisonment of up to Twenty-One (21) years, or both, under Section 28 of the SRC.

The SEC urges the public to exercise caution before investing in unregistered online investment platforms.

The commission has reiterated its advisory against dealing with non-registered foreign entities, organizations, and corporations, emphasizing the importance of verifying the registration and license of any platform offering investment opportunities.

Check out previous SEC advisories here:

This article is published on BitPinas: XM, eToro Flagged by SEC for Unlicensed Investment Operations

Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://bitpinas.com/regulation/sec-etoro-xm/