On November 28, 2023, the Financial Conduct Authority (FCA) issues a warning against Meta Bank Wallet, saying this firm may be providing or promoting financial services or products without their permission and investors should avoid dealing with this firm and beware of scams. https://www.fca.org.uk/news/warnings/meta-bank-wallet-https-metabankwalletcom 

Meta Bank Wallet presents itself as a platform that not only possesses a banking system but also facilitates the trading of digital assets. It lists an incorporation number and an MSB number on its website to substantiate its legitimacy.

However, it fails to provide specific information about its registration, such as the authority under which it is registered and the country of registration. Given its location in the UK and the format of the numbers, we conducted a search for this company in relevant agencies.

The outcome suggests that it is a company registered in Canada and the MSB number appears to be issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). 

However, it's important to note that registration with FINTRAC does not imply endorsement or licensing of the business by FINTRAC. It merely indicates that the business has fulfilled the legal requirements for registration.

While it has registration in Canada, it hasn't obtained the authorization from the financial watchdog, Investment Industry Regulatory Organization of Canada (IIROC). Therefore, its business is not overseen by the IIROC, rendering its operations unlawful.

Since it claims to be located in the UK, it is obligated to obtain a license from the Financial Conduct Authority (FCA). However, a warning issued by the FCA clearly indicates that Meta Bank Wallet is an unauthorized firm in the UK, potentially with fraudulent intentions.

In summary, Meta Bank Wallet is not regulated by any governing body. Entrusting it with investors' funds poses a high risk, as there are no legal protections in place to safeguard these funds.

Meta Bank Wallet is, without a doubt, a scam.

On January 24, 2024, the Ontario Securities Commission (OSC) issued a warning against Meta Bank Wallet, stating that this broker is not registered in Ontario to engage in the business of trading in securities. https://www.osc.ca/en/investors/warnings/meta-bank-wallet

On Feb 6, 2024, the British Columbia Securities Commission (BCSC) issues a warning against Meta Bank Wallet, saying it is not registered to trade in, or advise on, securities or derivatives in BC. https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2024/meta-bank-wallet

On June 12, 2024, the Financial Conduct Authority (FCA) issued an updated warning against Meta Bank Wallet after discovering the broker's new domain name, meta-defi.ai. https://www.fca.org.uk/news/warnings/meta-bank

Since its fraudulent activities were detected by financial regulators, Meta Bank Wallet has transitioned from metabankwallet.com to meta-defi.ai. Investors should be made aware of this change and advised to avoid this scam.