Sudden Closure of MTFE Platform Raises Concerns of Scam, Investors Panic

Sudden Closure of MTFE Platform Raises Concerns of Scam, Investors Panic

In a shocking turn of events, the Metaverse Foreign Exchange Group (MTFE), an offshore forex broker, has halted all withdrawals, citing concerns with their KYC (Know Your Customer) system. The sudden closure of the platform has left investors in a state of panic and uncertainty.

MTFE, which claims to be based in Canada and regulated by FINTRAC, has garnered attention for its alleged high investment returns on AI trading. The broker’s aggressive marketing strategies and attractive commission rates for referrals have contributed to its rapid growth in recent times.

However, a closer examination reveals red flags that should have prompted investors to exercise caution. Financial experts have pointed out that FINTRAC is not the regulatory authority in Canada, casting doubts on MTFE’s claims of regulation. Furthermore, the company’s offshore status and lack of proper licensing should have raised concerns among potential investors.


The situation escalated when the broker suddenly stopped processing withdrawal requests, leaving investors unable to access their funds. This move has sparked a series of alarmed comments from users across various online platforms, with many expressing frustration at their inability to retrieve their investments.


One Binance user,  wrote in a comment ” sought advice on how to retrieve their funds after transferring 200 USDT from Binance to MTFE. Another user, “inquired about disabling their MTFE account in light of the recent developments.

Comments from users who claim to have had experiences with scams underscore the importance of due diligence. ” noted that scammers often lead individuals to believe in their schemes for an extended period, causing financial losses that can be devastating.

Efforts to seek assistance or answers from MTFE’s customer care proved futile, as several users reported non-responsiveness from the platform. Complaints about delayed withdrawals and frozen funds have flooded online forums, leaving users questioning the legitimacy of MTFE’s operations.

A comment from another”Binance-User” provided a potential lead for investors looking to verify MTFE’s claims of regulation. The user shared a link to the FINTRAC website that displayed MTFE’s registration number, further highlighting the importance of conducting thorough research.

While some individuals expressed optimism and support for MTFE, labeling it a “big brand,” the overwhelming sentiment remains one of skepticism and caution. Experts urge investors to exercise prudence when considering investments and to prioritize research and due diligence over enticing promises of high returns.

As the situation with MTFE unfolds, it serves as a stark reminder of the risks associated with investing in unregulated and offshore platforms. Financial experts emphasize that thorough research and adherence to regulatory guidelines are essential to protecting one’s investments and avoiding falling victim to potential scams.