South African BTC investment firm MTI rubbishes Texas scam allegations

South African BTC investment firm MTI rubbishes Texas scam allegations

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The South African BTC investment firm named Mirror Trading International (MTI) is facing the heat from Texas State Securities Board (TSSB). Recently, the authorities had issued a cease-and-desist order by terming it a Ponzi scheme. Now, MTI refutes these allegations saying it runs genuine business activities.

Johann Steynberg, the chief executive officer of South African BTC investment firm MTI published his official statement clearly mentioning how the firm is pursuing the case in consultation with the South African regulatory counterpart. He further clarifies that the Texan regulator is also being contacted for clarification. Interestingly, the TSSB oders were issued against Steynberg as well.

MTI clarifies its stand against TSSB allegations

Steynberg has emphasized that his firm does not match any Ponzi scheme characteristics. The company maintains full transparency with respect to their assets. Moreover, all the MTI users get full authority over their respective account. They can trade, or transfer funds as per their convenience without any restrictions, fees, or other such complications.

His statements have been a relief for the numerous members of the firm who were worried after the TSSB orders. He goes on to add that MTI’s 75,000 members have never raised a complaint with regard to funding withdrawals.

South African BTC investment firm faces strict action from TSSB

However, the latest statements from Steynberg do not comment on the core allegations leveled by the TSSB. The contents of the letter are geared towards preventing the public image of MTI. In comparison, the TSSB orders were issued on the basis that MTI operates the unregistered business and hence violates Texan laws.

Furthermore, TSSB states that a global MLM fraud was underway by Steynberg, and salespeople involved do not carry appropriate licenses to trade in securities. Steynberg also says that the digital passive income building realm is notorious for harboring malicious elements. Nonetheless, South African BTC investment firm MTI clarifies it would pursue the allegations by communicating with the regulator itself to clear the air.

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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