MetaMax has obtained a securities fraud warning from the Philippines.
As per the Philippine SEC’s June twenty fifth warning, MetaMax
is attractive the general public, by social media platform or by their very own impartial web sites to put money into mentioned entity.
The general public is being made conscious that an “funding contract” exists when there may be an funding or placement of cash in a standard enterprise with an affordable expectation of earnings to be derived from the efforts of others which is distinguished within the
scheme of METAMAX.As such, the Securities Regulation Code (SRC) requires that mentioned provide and sale of securities should be duly registered with the Fee and that the involved entity and/or its brokers ought to have the suitable registration and/or license to promote such
securities to the general public.The data of the Fee present that METAMAX ASIAN INC. is registered with the Fee. However, METAMAX is NOT REGISTERED with the Fee as a Company or a Partnership.
Nonetheless, METAMAX ASIAN INC. and METAMAX are NOT AUTHORIZED to solicit investments from the general public because it has
not secured prior registration and/or license from the Fee as prescribed below Part 8 and 28 of the Securities Regulation Code (SRC).
Failure to register securities means MetaMax is providing unregistered securities within the Philippines. Providing unregistered securities in nation’s with regulated monetary markets constitutes securities fraud.
Pursuant to MetaMax committing securities fraud, the Philippine SEC states MetaMax has the traits of a “Ponzi Scheme”.
This aligns with BehindMLM’s Could twenty eighth printed MetaMax assessment. Based mostly on MetaMax’s enterprise mannequin, we concluded it was a task-based MLM crypto Ponzi.
The Philippine SEC warns promoters of MetaMax within the Philippines face fines of as much as 5 million PHP (~$85,297 USD) and/or twenty-one years in jail.
The SEC’s MetaMax fraud warning is critical. As of Could 2024, SimilarWeb tracked prime sources of visitors to MetaMax’s .VIP area because the Philippines (29%), Canada (28%), Afghanistan (11%) and the US (6%).
MetaMax is believed to be run by nameless scammers with ties to Brazil. Since BehindMLM printed its assessment, MetaMax has already deserted one in all its web site domains (“metamax.prime”).
MetaMax’s remaining web site area (“metamax.vip”), stays on-line at time of publication.