Shell Debut of eToro with Alleged Illegal Business

WikiFX News (2 Apr.) - Recently, eToro has announced its intention to go public in Nasdaq through FinTech Acquisition Corp. V, a Special Purpose Acquisition Company (SPAC), via a merger. SPACs are also known as “blank check companies” with an aim of raising capital for shell firms.

Given a good opportunity for eToro to debut now, Yoni Assia, eToro founder and CEO, noted that, “were going to merge with this company (SPAC), actually buying this company, and become the publicly traded eToro company.” The valuation of the enterprise after the merger is around USD 10.4 billion.

However, eToro has been accused of its illegal business, which can be proved by WikiFX exposure section where complaints against eToro‘s system failure resulting in users’ losses and the others are seen. Regions where eToro is charged with its illegal business are listed as following:

Europe: EToro (UK) Ltd. is only approved to provide financial services in European economic zone by the Financial Conduct Authority (FCA) whereas its business has extended beyond the bloc without valid regulation in other areas.

Malaysia: Local authorities of securities supervision said that eToro has not been approved or registered yet so that no regulated operations can be conducted.

Taiwan: EToro has operated illegal business on securities and futures without applying for the registration of the relevant license.

Over 20 complaints have come for eToro in recent three months, providing eloquent evidence against a problematic eToro. As a reminder hereby, please stay alert to eToro when making deposits!

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