I have to admit, I was caught up in the Plexcoin buzz for a few days as I was in the sub 1000 category for fundraising.
But with no whitepaper, no public representation of any team members, telegram chat, or any other outreach, the whole project just seemed fishy.
Then last night, to my surprise, I received the following letter which is posted in full below:
AMF urges utmost caution regarding solicitations relating to PlexCoin
The Autorité des marchés financiers (the “AMF”) strongly cautions consumers against solicitations relating to PlexCoin, being marketed as a virtual currency.
On July 20, 2017, at the request of the AMF, the Financial Markets Administrative Tribunal (the “Tribunal”) issued various ex parte orders against PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix in connection with their activities relating to an investment in the purchase of PlexCoin.
The Tribunal prohibited PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix from engaging in activities for the purpose of directly or indirectly trading in any form of investment described in section 1 of the Securities Act, including the solicitation of investors in Québec and the solicitation, from Québec, of investors outside the province.
The Tribunal also ordered them to withdraw any advertisement or solicitation made on an Internet forum or elsewhere relating to securities or any forms of investment, published or distributed by them directly or indirectly on the Internet or elsewhere and to close websites plexcorps.com and plexcoin.com as well as any similar website that is published or distributed by them directly or indirectly or failing which, to make the sites inaccessible to any IP address in Québec so that Québec residents are unable to consult the sites.
Since July 20, 2017, actions taken by the AMF show that the persons involved have apparently not complied with these orders. Moreover, the presale of PlexCoin is scheduled to begin in a few hours.
Under these circumstances, the AMF wishes to notify consumers of the major risks of loss that could stem from responding to this invitation to invest.
It was too good to be true really. You can’t promise the world without being a scam. These guys were never going to get their untraceable coin approved by visa or be allowed to exchange it freely into other currencies.
The ICO is still planned to occur Aug 7, however, it will be interesting if anyone actually subscribes to it now.