Mirror Trading International (MTI), a South African bitcoin funding firm on the heart of a stop and desist order issued by the Texas State Securities Board (TSSB), is pushing again allegations that it’s working a Ponzi scheme or a rip-off.
MTI CEO Johann Steynberg issued an announcement assuaging MTI members that the group is in dialogue with the South Africa Financial Services Conduct Authority (FSCA).
Steynberg, who was issued a stop and desist order alongside three different people who reside within the United States, additionally says he’s in correspondence with TSSB on this matter.
In a report carried by Global Crypto, a South African crypto web site, Steynberg insists in a letter that his group is just not working a Ponzi scheme as members have full management of their bitcoins always.
“Another vital level which differentiates MTI from Ponzi’s and scams is that members have full management over their funds (bitcoin) always.
Members can add or withdraw their funds (bitcoin) at any time, with no problems and no charges,” reads a part of Steynberg’s letter.
Steynberg claims that none of its 75,000 plus members worldwide “has ever complained” or has failed “to withdraw their BTC every time they’ve opted to.”
However, Steynberg’s letter, which carefully resembles one being circulated to members, doesn’t immediately handle TSSB’s core allegations.
Instead, the letter focuses on addressing the notion and characterization of MTI as a Ponzi scheme.
According to the TSSB stop and desist order, MTI and its U.S.-based associates allegedly violated the state’s legal guidelines by working unregistered companies.
Additionally, TSSB alleges that Steynberg was perpetrating a world multilevel advertising and marketing fraud and recruiting salespeople who do not need securities buying and selling licenses. The regulator stated Texans are among the many victims.
Still, Steynberg says MTI will within the coming interval be inserting “nice emphasis on participating with and dealing with any regulator with a transparent function always.”
The on-line passive earnings constructing trade — wherein MTI has been working for 15 months — has a infamous and demonstrated fame for scams and Ponzi schemes, admits Steynberg.
Meanwhile, Steynberg says his group needs to be “absolutely compliant as a professionally managed firm” that delivers to its stakeholders for the foreseeable future.
What do you consider MTI’s response to allegations made towards it? Tell us your ideas within the feedback part beneath.
The publish South African Bitcoin Investment Company Pushes Back Against Texas Scam Allegations appeared first on Bitcoin News.