THELOGICALINDIAN - Mirror Trading International MTI a South African bitcoin advance aggregation at the centermost of a cease and abandon adjustment issued by the Texas State Securities Board TSSB is blame aback allegations that it is active a Ponzi arrangement or a scam
MTI CEO Johann Steynberg issued a account abating MTI associates that the alignment is in altercation with the South Africa Financial Services Conduct Authority (FSCA).
Steynberg, who was issued a cease and abandon adjustment alongside three added individuals who abide in the United States, additionally says he is in accord with TSSB on this matter.
In a report agitated by Global Crypto, a South African crypto website, Steynberg insists in a letter that his alignment is not active a Ponzi arrangement as associates accept abounding ascendancy of their bitcoins at all times.
“Another important point which differentiates MTI from Ponzi’s and scams is that associates accept abounding ascendancy over their funds (bitcoin) at all times.
Members can add or abjure their funds (bitcoin) at any time, with no complications and no fees,” reads allotment of Steynberg’s letter.
Steynberg claims that none of its 75,000 additional associates common “has anytime complained” or has bootless “to abjure their BTC whenever they accept autonomous to.”
However, Steynberg’s letter, which carefully resembles one actuality broadcast to members, does not anon abode TSSB’s amount allegations.
Instead, the letter focuses on acclamation the acumen and assuming of MTI as a Ponzi scheme.
According to the TSSB cease and abandon order, MTI and its U.S.-based affiliates allegedly abandoned the state’s laws by operating unregistered businesses.
Additionally, TSSB alleges that Steynberg was perpetrating an all-embracing multilevel business artifice and recruiting salespeople who do not accept balance trading licenses. The regulator said Texans are amid the victims.
Still, Steynberg says MTI will in the advancing aeon be agreement “great accent on agreeable with and alive with any regulator with a bright purpose at all times.”
The online acquiescent assets architecture industry — in which MTI has been operating for 15 months — has a belled and approved acceptability for scams and Ponzi schemes, admits Steynberg.
Meanwhile, Steynberg says his alignment wants to be “fully adjustable as a professionally managed company” that delivers to its stakeholders for the accountable future.
What do you anticipate about MTI’s acknowledgment to allegations fabricated adjoin it? Tell us your thoughts in the comments area below.
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