EmpiresX has received a securities fraud warning from Spain’s Comision Nacional del Mercado de Valores.

As per the
CNMV’s January 17th warning
, EmpiresX

is not authorised to provide the investment services detailed in Article 140 of the Spanish Securities Markets Act, which include investment advice.

This is the equivalent of a securities fraud notice in other jurisdictions.

EmpiresX
is an MLM crypto Ponzi that surfaced in mid 2021. By October EmpiresX had
disabled withdrawals
.

Investors continued to be strung along with corporate updates till January 18th, wherein EmpiresX announced it was
shutting down
.

EmpiresX is run by Emerson Pires (Florida, US) and Flavio Goncalves (Brazil).

Neither Pires or Goncalves have made a public appearance since early January.

🤖 Quick Answer

What is EmpiresX and why did Spain issue a securities fraud warning?
EmpiresX is a multilevel marketing cryptocurrency scheme that emerged in 2021 and operated without authorization from Spain's securities regulator, CNMV. The January 17th warning indicated the platform was not authorized to provide investment services or advice under Spanish Securities Markets Act Article 140, constituting a formal securities fraud notice.

What happened to EmpiresX investors?
EmpiresX disabled withdrawals by October 2021 and continued operating until announcing shutdown on January 18th, 2022. Investors were kept engaged through periodic corporate updates during the interim period while unable to access their funds.

Who manages EmpiresX and where are they located?
EmpiresX is operated by Emerson Pires, based in Florida, United States, and Flavio Goncalves, located in Brazil

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