SEC Advises Filipinos to Stop Investing in MetaProfit

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Last March 17, the Securities and Exchange Commission (SEC) warned the public about transacting with METAPROFIT and the individuals representing the said entity, which, as stated by SEC, is soliciting investments from the public without the necessary licenses to do so.

METAPROFIT calls itself a platform that offers deposits and withdrawals based on interest from cryptocurrency. Its website claims that the entity has a “platform that can help optimize profit using blockchain.”

According to SEC, METAPROFIT is offering investors a promised earning of “1% daily in total of 30% for 30 days subscription”, depending on the amount subscribed. Additionally, the entity vowed to its investors that their capital and bonus incentives will be completely returned (100% ) within 30 days of investment. 

Moreover, METAPROFIT is also offering other schemes to earn money, including “10% direct associate bonus” and “0.5% indirect associate from 2nd to 20th level.”  At the time this article was written, the minimum amount one can invest in METAPROFIT is 0.05 BNB (₱1.071).

The Commission emphasized that METAPROFIT is not registered as a corporation or partnership, nor is it authorized to ask the public for investments. Because of this, the SEC declared that anyone connected to METAPROFIT will be prosecuted and held criminally liable as per Section 28 of the Securities Regulation Code (SRC)—including those who promote the entity to potential investors. They will also be penalized with a maximum fine of ₱5 million or imprisonment of 21 years. 

Therefore, the SEC is advising the public to withhold investing in METAPROFIT and in any individual acting on behalf of the said entity. “Should you have any information regarding the operation of METAPROFIT or any securities solicitation activity by any individual or group of individuals representing METAPROFIT, please call the Enforcement and Investor Protection Department telephone numbers (02) 8818-6047 or send your report to the EIPD at epd@sec,gov.ph.”

Last week, BitPinas reported that the SEC also issued an advisory against ALGOSCALP, which entices investors to invest in their “fully automated system that allows investors to trade the markets without lifting a finger,” the Commission noted.

“The public is advised to not invest or (to) stop investing in AlgoSCALP or in any other scheme being offered by it no matter how enticing, trendy, or catchy its slogans, proposition, or scheme is,” the SEC said further.

This article is published on BitPinas: SEC ADVISES FILIPINOS TO STOP INVESTING TO METAPROFIT

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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Shiela Bertillo

    BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.