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BTC investment Firm pressurizes by the South African Regulators

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Mirror Trading International (MTI), an embattled BTC investment company, problems took a new twist on August 18 following the South African regulator, Financial Sector Conduct Authority announced that it is investigating the investment firm.

In a press report, the Financial Sector Conduct Authority states it is of the “view that the contemporary MTI business model needs it to own a financial service provider license.” TSSB likewise accuses MTI of working in Texas without the necessary permissions.

The S.A. regulator clarifies that it had been notified by MTI that “they accept customers’ funds in the form of the stocks and are then pooled inside “one trading record on a forex derivative trading stage.” MTI will then “administer high-frequency trading through the utilization of a bot.”

Nevertheless, the regulator states if MTI is carrying out the actions as explained, “Then this amounts to financial assistance, hence the license obligation.”

However, the South African regulator states it has more important concerns regarding the investment company’s actions. The statement continues that while “MTI pretends to have more than 168 million USD at prevailing conversion rates in consumers’ funds in trading accounts,” the regulator has “not been capable of verifying that the funds exist conclusively.”

Per the MTI, “its Bot-trading can produce steady profits of an average of 10 per cent per month.”

In the first week of August, FX Choice published a statement that blocked the MTI account after seeing some “compliance matters.” Moreover, the regulator states it is in “the process of getting confirmation from F.X. Choice of the accuracy of the statements credited to them.”

While inquiries are ongoing, the regulator confirms that MTI “has partially cooperated with the Financial Sector Conduct Authority.”

Furthermore, the MTI has undertaken to inform all of its clients of the investigation and provide the chance to all its customers to withdraw their wealth with MTI. We suggest that clients request refunds into their accounts as soon as attainable.

Besides, the TSSB declared the discontinuation and desisted order, the MTI CEO Johann Steynberg, announced a comment rejecting that his organization is running a multi-level scam. Steynberg also stated MTI would collaborate with the TSSB and Financial Sector Conduct Authority.

Though, the investment firm says, “after a large period spent with the Financial Sector Conduct Authority it has become open to MTI that they will not support MTI as to what requires to be done to be regulated and FSCA allowed.”

The CEO elucidates that while engaging, Financial Sector Conduct Authority was done “so that our services would not be suspended,” is it by “no means an admission of any illegal activities.”

 “With the FSCA, as a result of the prevailing situation, as discussed above, MTI has replaced from Forex trading to Crypto’s, and we are thoroughly delighted regarding this change,” recites part of the MTI’s announcement.

Therefore, the MTI report says the investment firm “has determined that the aspects of its new broker will not be publicly declared.” In defending this view, the group argues this judgment has been in order “to secure our connection with the broker, and we request that MTI brothers respect this.

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