The Philippines' Securities and Exchange Commission (SEC) has issued a warning against eToro, a popular online trading platform. The SEC advisory, issued in March and made public on April 4, states that eToro is not authorized to sell or offer securities in the country. The multinational firm, valued at $3.5 billion in 2023, is not registered as a corporation in the Philippines and lacks the necessary licenses to operate as a broker-dealer or run a securities exchange. The SEC also warned that representatives of eToro in the Philippines could face hefty fines or imprisonment for violating securities laws.