![\"South](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/07\/push-back-768x432.jpg\")
<\/p>\n<\/p>\n
Mirror Trading International (MTI), a South African bitcoin investment company at the center of a cease and desist order<\/a> issued by the Texas State Securities Board (TSSB), is pushing back allegations that it is running a Ponzi scheme or a scam.<\/strong><\/p>\n MTI CEO Johann Steynberg issued a statement assuaging MTI members that the organization is in discussion with the South Africa Financial Services Conduct Authority<\/a> (FSCA).<\/p>\n Steynberg, who was issued a cease and desist order alongside three other individuals who reside in the United States, also says he is in correspondence with TSSB on this matter.<\/p>\n In a report<\/a> carried by Global Crypto, a South African crypto website, Steynberg insists in a letter that his organization is not running a Ponzi scheme as members have full control of their bitcoins at all times.<\/p>\n “Another important point which differentiates MTI from Ponzi’s and scams is that members have full control over their funds (bitcoin) at all times.<\/p>\n Members can add or withdraw their funds (bitcoin) at any time, with no complications and no fees,” reads part of Steynberg’s letter.<\/p>\n Steynberg claims that none of its 75,000 plus members worldwide “has ever complained” or has failed “to withdraw their BTC<\/a> whenever they have opted to.”<\/p>\n<\/p>\n However, Steynberg’s letter, which closely resembles one being circulated to members, does not directly address TSSB’s core allegations.<\/p>\n Instead, the letter focuses on addressing the perception and characterization of MTI as a Ponzi scheme.<\/p>\n According to the TSSB cease and desist order<\/a>, MTI and its U.S.-based affiliates allegedly violated the state’s laws by operating unregistered businesses.<\/p>\n Additionally, TSSB alleges that Steynberg was perpetrating an international multilevel marketing fraud and recruiting salespeople who do not have securities trading licenses. The regulator said Texans are among the victims.<\/p>\n Still, Steynberg says MTI will in the coming period be placing “great emphasis on engaging with and working with any regulator with a clear purpose at all times.”<\/p>\n The online passive income building industry — in which MTI has been operating for 15 months — has a notorious and demonstrated reputation for scams and Ponzi schemes, admits Steynberg.<\/p>\n Meanwhile, Steynberg says his organization wants to be “fully compliant as a professionally managed company” that delivers to its stakeholders for the foreseeable future.<\/p>\n What do you think about MTI’s response to allegations made against it? Tell us your thoughts in the comments section below.<\/strong><\/em><\/p>\n The post South African Bitcoin Investment Company Pushes Back Against Texas Scam Allegations<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n