The Central Bank of Sri Lanka (CBSL) has warned that any involvement in pyramid schemes will be deemed a punishable offence.
Issuing a newspaper advertisement in this regard, CBSL warned the public that it is illegal to be involved, either directly or indirectly, in pyramid schemes, as such operations are prohibited in Sri Lanka.
Thus, they alerted the public to remain vigilant of such schemes.
Meanwhile, CBSL’s Resolution and Enforcement Department has commenced a probe into the ‘MTFE Group Sri Lanka’ trading platform.
Accordingly, the CBSL reported that as per the facts uncovered thus far, it is indicative that the trading platform operates in line with the system of pyramid schemes, which are prohibited in Sri Lanka.
The Metaverse Foreign Exchange (MTFE) Group, albeit being marked as a trading platform for forex, commodities, stocks and cryptocurrency, has been surrounded by much controversy over its rather dubious presence.
