South African Bitcoin Investment Firm Denies Ponzi Scheme Allegations

The South African Bitcoin investment firm, Mirror Trading International (MTI), which has been at the center of attention for allegedly running a crypto ponzi scheme, has refuted the damaging allegations. MTI’s CEO Johann Steynberg, shared a statement reassuring MTI account holders that the firm is in dialogue with the South Africa Financial Services Conduct Authority (FSCA). 

Furthermore, the MTI boss noted that the firm is in correspondence with TSSB regarding the matter. According to Steynberg, MTI does not hold any crypto ponzi scheme characteristics, as its members have full power over their digital assets. The statement reads that members have the power to withdraw or even add their BTC at any given time, without complications and extra expenses.

MTI rubbishes crypto ponzi scheme allegations

Moreover, the MTI chief added that none of its over 75,000 members all over the world has complained or missed to cash out their crypto. Steynberg’s statement comes as a big relief to the thousands of MTI members who were highly concerned by TSSB’s cease and desist order. Nevertheless, the statement does not address the key allegations mentioned by the TSSB.

The statement is designed to protect the public image of the bitcoin investment firm. TSSB’s orders were issued on the basis that MTI crypto investment firm is not licensed to operate, and hence it violates the laws of the land. Furthermore, TSSB’s cease and desist orders suggested that  Steynberg was setting up a global MLM fraud, and the salesmen concerned do not hold the relevant papers to operate securities. 

Ready to comply

Nevertheless, Steynberg admitted that the area of business that MTI participates in (online passive income building industry), which it has been running for the past 15 months; has a demonstrated record of notorious crypto ponzi schemes. In the meantime, the MTI boss stated that his firm is ready to be “fully compliant as a professionally managed company.”

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