SEC Flags Unlicensed Blockchain Platform MetaProfit

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THE Securities and Exchange Commission (SEC) warned the public against investing in MetaProfit, a blockchain technology platform.

“Moreover, it does not have the authority to solicit investment from the public as it has not received prior registration and/or licensing from the Commission,” the SEC said.

In its advisory, the SEC reported that MetaProfit is offering the public a minimum investment amount of 0.05 Binance coins, “promising a 1% profit daily, a total of 30% for 30 days subscription depending on your subscribed amount, plus 100% capital after maturity within 30 days and bonuses from the partner program.”

MetaProfit offers daily deposits and withdrawals through a select cryptocurrency wallet. It is managed by Arthur Dvali, its managing directorfiCerium.

On its website, MetaProfit describes itself as a “platform that brings together technical, research and financial skills in blockchain development companies.”

“Coupled with this, the platform has created a bespoke subscription and website that offers the potential to become professionalsfit by optimizing blockchain technology,” she added.

The SEC said that the sale of securities to the public must be properly registered and that the subject company and its agents must have the appropriate registration or license to sell such securities to the public.

“Consequently, those who act or claim to be acting as salespeople, brokers, dealers or agents may sell or persuade people to invest in the investment program offered by that company, including solicitations and solicitations over the Internet , prosecuted and detained are criminally liable,” the SEC said.

The penalty is maximum fine of P5 million or up to 21 years imprisonment.

“Those who invite or solicit others to join or invest in such ventures, or who offer investment contracts or securities to the public, may also be prosecuted or otherwise face appropriate sanctions or penalties,” the SEC said.

“The public is advised not to invest in or discontinue investing in investment schemes purportedly being offered by any person or group of people for or on behalf of MetaProfit and to exercise caution in dealing with any person or group of people soliciting investments for and beyond to leave names of it,” it added. — Luisa Maria Jacinta C. Jocson

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