South African bitcoin investment firm pushes back against allegations of running a ponzi scheme.

South African bitcoin investment company at the center of a cease and desist order is pushing back at the allegations of running a Ponzi scheme or a scam.

Mirror Trading International (MTI), a South Africa-based bitcoin investment company, is facing a cease and desist order issued by the Texas State Securities Board. The bitcoin investment company has pushed back at the allegations of running a crypto ponzi scheme. The CEO of MTI, Johann Steynberg, issued a statement assuring the members of MTI that the organization is in discussion with the South Africa Financial Services Conduct Authority (FSCA). The CEO of MTI was issued a cease and desist order along with three other individuals who reside in the US, also says he is in correspondence with TSSB on this matter.


The CEO pushes against the ponzi scheme allegations. 

According to the Global Crypto report, the CEO of the bitcoin investment firm insists in a letter that the company is not running a Ponzi scheme as members have full control of their bitcoins at all times. The letter stated that the members could add or withdraw their funds (bitcoin) at any time, with no complications and no fees charged. The CEO further claimed that none of its 75,000 plus members worldwide has complained or has failed to withdraw their funds whenever they have opted.


The letter does not address the core allegations. 

The CEO of the bitcoin investment company pushed back on the allegations of running a crypto scam, but he did not address the core issues. According to the TSSB cease and desist order, MTI and its US-based affiliates allegedly violated the state’s laws by operating unregistered businesses. The Texas State Securities Board alleges that the CEO of MTI was committing an international multilevel marketing fraud and recruiting salespeople who do not have securities trading licenses. The board noted that Texans are also among the victims. 

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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