The Autorite des Marches Financiers (AMF) of Quebec has issued a securities fraud notice to PetronPay.

PetronPay [is] not registered with the Autorité des marchés financiers (AMF) and is not permitted to solicit investors in Quebec, according to the AMF’s warning issued on March 14.

Securities fraud is the offering of unregistered securities in contravention of Quebec financial legislation.

In 2020, PetronPay, an MLM “oil barrels” scam, was introduced. PetronPay shut down and halted withdrawals in April 2021. An exit fraud for cryptocurrency tokens was started but failed.

It was discovered in April 2022 that PetronPay had persisted in defrauding investors by using a second domain for their website. The United States issued a fraud notice after PetronPay’s reactivation.

The original PetronPay website now reroutes to a cryptocurrency casino. The second domain for Petron’s website has been deactivated.

It’s unclear whether AMF’s action was spurred by recent PetronPay scams or if the regulator just issued its warning much too late.