Mirror Trading International is known for using bots for trading on behalf of its clients. Texas State Securities Board took action against MTI by immediately stopping its illegal crypto trading. The action has been taken in response to the complicated and illegal trading platform of MTI.
According to some brokers, the MTI platform asks for Bitcoins from its customers in return for trading services and profits. This trading service is performed by automated trading through artificial intelligence.
Following the path of the Texas State Securities Board, now South Africa’s Financial Services Conduct Authority (FSCA) is also alert to investigate MTI’s illegal activities. FSCA has claimed that MTI should have a mandatory license of the financial service provider to run its business and it doesn’t have one.
Another loophole in the business model of MTI is its 10% return claim. The FSCA is concerned that this claim seems to be unrealistic. MTI has appointed unregistered salespeople to dupe wealthy investors and business persons to invest in its platform. The bogus trading platform then lures them to give high gains.
MTI claims that it holds 2.9 billion South African Rand in trading accounts. Since there are many other speculations, this claim also seems to be made up. FSCA has now warned MTI’s users to not use the platform for any trading activities. It is also advised that the trading funds should also be withdrawn as soon as possible.
Amidst the other doubts about MTI, its platform broker FX Choice also denied the claim of trading in millions. The broker also denies the legitimacy of the platform. To which, the regulator is yet to do its investigation.
The South African regulator will also involve the police once all the blames is confirmed by the authorities. MTI is accused of not working according to the regulatory standards and doesn’t have a financial service license. The regulatory has also imposed charges of providing misleading information on MTI.
Bots are dealing with the hard-earned money of the investors and everyone is lured by multi-level marketing methods into the platform. The MTI platform is being promoted as a get-rich-quick scheme. This is not supposed to happen at all.
If anyone is having trading funds with MTI, he or she should immediately withdraw the money into their respective accounts. Until any legal action is taken against MTI, its users are free to withdraw their funds safely without any further delay.