SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024
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Not to be confused with MetaMask: The Philippine SEC has issued a warning about METAMAX ASIAN INC./METAMAX, saying the company is not authorized
The Philippine Securities and Exchange Commission (SEC) has issued an advisory against METAMAX ASIAN INC./METAMAX, warning that the company is not authorized to solicit investments and may be operating a Ponzi scheme.
The SEC’s advisory comes amid reports that MetaMax has been promising high returns on investments in a short period of time. The company is said to be offering membership packages that range from P5,000 to P200,000, with promised returns of up to 300%.
According to the SEC, MetaMax’s activities appear to be similar to those of other unauthorized investment schemes that have been shut down by the Commission in the past. These schemes typically offer unsustainable returns and eventually collapse, leaving investors with significant losses.
The SEC is urging the public to be cautious of any investment opportunities that seem too good to be true. The Commission also advises investors to only deal with authorized entities and to always conduct thorough due diligence before making any investment decisions.
A list of authorized entities can be found on the SEC’s website at https://www.sec.gov.ph/authorization/.
Those who have already invested with MetaMax are being advised to contact the SEC at (02) 8818-6338 or email at [email protected]
Meanwhile, Coins.ph has also issued a statement regarding MetaMax. According to the exchange, they are taking proactive measures to protect their users by preventing transactions with platforms like MetaMax that are involved in illegal schemes.
Several users of MetaMax have also taken to social media to share their experiences, with some claiming to have received their payouts through Coins.ph.
After an advisory, the SEC will follow up with a cease-and-desist order only if the group does not stop its activities.
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