SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

ByMichael Mislos
Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Solana’s uptrending while locally we’ve read a new advisory from the SEC.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

  • Bitcoin (BTC): $61,757, up 1.2% over the last 24 hours.
  • Ethereum (ETH): $3,450, up 1.9% over the last 24 hours.
  • Solana (SOL): $147.01, up 7.1% vs the previous day.
  • Retardio: $0.0123, up 301.1% vs the previous day.
  • DePay: $3.31, up 201.1% over the last 24 hours.
  • MAGA: $7.71, down 12.3% vs the previous day.

For the daily price update, check out our post on Facebook.

📺 Yesterday’s Webcast: Bitcoin Price Prediction:

Navigating the Dip: July 2024 Market Forecast with Joseph Lejarde

Crypto Price Predictions: If you haven’t watched yesterday’s webcast, our guest, Certified Technical Analyst Joseph Lejarde, shared his insights on Bitcoin, Solana, Ethereum, and Ronin. Where are the prices of those crypto headed? When should we buy the dip? Click the play button above and it goes straight to the discussion about prices.

Feature News: SEC Issues Advisory vs Metamax

Not to be confused with MetaMask: The Philippine SEC has issued a warning about METAMAX ASIAN INC./METAMAX, saying the company is not authorized to solicit investments and might be running a Ponzi scheme.

What’s the significance: Normally in this section, we will write that as an authorized scheme, engaging with a potential scam can lead to financial losses, which is still true. But what’s interesting in this story is that locally-licensed exchange Coins.ph also issued a statement regarding MetaMax:

Following the Securities and Exchange Commission (SEC) Advisory on June 25, 2024 regarding Metamax, Coins.ph is taking proactive measures to keep our users safe and protect them by preventing transactions with platforms such as Metamax which are involved in illegal schemes.

Coins.ph statement accessible here.
Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

What’s the deal with Metamax:

  • SEC says Metamax claims that their business involves film, television and other media content.
    • Metamax stylizes itself as Metamax Web3 on social media.
  • Metamax, SEC says, offers packages from $90 to $1,200, promising daily earnings of $3 to $40. (You can invest by registering first):
    • It is not registered to sell securities and may be using new investors’ money to pay earlier investors, a common sign of a Ponzi scheme.
    • Those involved could face fines up to ₱5,000,000 and 21 years in prison.

What’s the Coins.ph connection: Users of Metamax appears to be receiving their payout through Coins.ph, based on comments on social media:

Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024
Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

What’s next: After an advisory, the SEC will usually follow up with a cease-and-desist order only if the group does not stop their activities.

Philippine Crypto News 🇵🇭

  • ETH63 to host Ethereum meetup in Cebu.
  • ICP Hub PH will release the ep. 51 ng IC Stories MNL.
Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024
  • Creta World Philippine Media Day
  • Paytaca CEO Dr. Joemar Taganna spoke during the DOST 2024 Eastern Visayas Regional Science and Technology Week (RSTW).
Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024
  • Superteam PH announces the launch of the new edition of its Superspace: The Founders Camp.
  • Crypto Art PH exhibit is ongoing in Makati.
Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

Educational Corner 🎓

With the recent market dips, check out these articles about the leading crypto.

BitPinas Bitcoin Series:

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

  • Risk Analyst Amitoj Singh noted that, any EU crypto entities may be unaware of the correct deadline for sustainability disclosures under MiCA despite a clarification by the European Securities and Markets Authority (ESMA).
  • The U.S. State Department has offered a new $5 million reward for information leading to the arrest or conviction of Ruja Ignatova, the founder of OneCoin, who disappeared in Athens in 2017.
  • The SEC is expected to approve spot Ethereum ETFs by July 4, following progress in discussions between asset managers and regulators.
  • Vanuatuplans to pass its long-awaited digital asset and service provider bill by September, aimed at establishing licensing requirements for virtual asset service providers (VASPs) to operate legally within the country

Community Spotlight 🔦

Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

Meet NFTxStreet: It is a sub-guild of YGG. NFTxStreet focuses on supporting X-to-Earn scholars by offering web3 testing services, aiming to help individuals earn additional income through part-time opportunities in the web3 space. 

  • In February, it opened its physical game hub which aims to onboard traditional or web2 gamers into web3. 
  • In 2023, they collaborated with Yield Guild Games to organize an NFT Art Minting Workshop in Baguio City.

On June 29th, along with Coins.ph, it will host 1st COINMunity AMA IRL and NFTxStreet bootcamp.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

  • Covalent, a blockchain data infrastructure firm, raised $5 million in strategic funding, aiming to expand operations in Asia and enhance long-term data availability infrastructure for blockchain users worldwide.
  • Worldcoin partnered with Alchemy to enhance infrastructure for its upcoming World Chain blockchain launch.
  • Oraraised $20 million to advance its goal of integrating AI into decentralized applications (dapps) using its “on-chain AI oracle” technology.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

  • Animoca Brands, an investor in web3 and crypto gaming, is exploring a potential public listing in 2025 in either Hong Kong or the Middle East.
  • Sky Mavis Co-founder Jeff Zirlin said in an interview that web3 gaming is not dead, but thriving.
  • Oasys partnered with South Korean gaming platform Vortex Gaming to expand its presence in the Korean market.
  • Yaku Corp partnered with Xai, a Layer 3 blockchain, to enhance the immersive cyberpunk gameplay experience of its web3 MMO game, Yaku.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Photo for the Article - SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

Happening Today:

  • Decked Out: Art Reimagined: June 27-29, 2024
  • Crypto & Coins feat. Tether Unlocking the Benefits of Stablecoins for Seamless Transfers and Remittances: June 27, 2024

Upcoming events: 

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

  • Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler, alleging that Gensler’s regulatory stance on cryptocurrencies could lead to President Biden losing the election.
  • Wallets believed to be linked to the U.S. government transferred 3,940 bitcoins, valued at $241 million, to Coinbase. 
  • Abra, a crypto company, agreed to settle with 25 state financial regulators after being accused of operating without proper licensing.

Stay Connected:

We’d love to hear from you! Reply with your thoughts or questions.

This article is published on BitPinas: SEC Issues Advisory vs Metamax | Coins.ph Issues Statement | Key Points | June 28, 2024

The founder and Editor-in-Chief of BitPinas, Michael leads the editorial direction of the content and oversees all aspects of production and delivery. Michael holds cryptocurrencies - BTC, AXS, RON, and SLP.

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