TechFlow News: The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against eToro, accusing the platform of overly broad marketing of its CFD products and breaching regulations.
ASIC stated that between October 5, 2021, and June 14, 2023, nearly 20,000 customers incurred losses from CFD trading. CFDs are high-risk derivatives that allow investors to speculate on price movements of assets including foreign exchange, stock market indices, commodities, and cryptocurrencies.
eToro has updated the definition of its CFD target market and confirmed its services remain unaffected. The company is currently reviewing ASIC's allegations and will respond accordingly.
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