The Financial Sector Conduct Authority (FSCA) is currently investigating Mirror Trading International and recommends customers to request refunds to their account as soon as possible.
21 August 2020 | AtoZ Markets – Mirror Trading International is a Forex investment company operating within the cryptocurrency niche. Founded in April 2019, it is based in South Africa. The name of the founder and CEO is Johan Steynberg. Headquartered in Stellenbosch, South Africa, it has two offices in Johannesburg and Strand.
FSCA Is Investigating Mirror Trading International
FSCA warns against using Mirror Trading International and is investigating its activities. According to the MTI, they were accepting customer money in the form of bitcoins. The funds are pooled in one trading account on the FX derivatives trading platform. Then, they perform high-frequency trading using bots.
So, the company’s current business model requires a license for a financial services provider. But they don’t have one. “Its Bot-trading can generate consistently average 10% profits each month”, MTI said. The FSCA believes that this alleged return on investment looks much more unrealistic.
South African regulator noted it was more “concerned about the company’s activities, which claimed to have more than R2.9 billion ($168 million) in customer funds in its trading account”. FSCA also said:
The investigation is ongoing, and MTI has partially co-operated with the FSCA. We are reviewing the information as it becomes available and will involve the South African Police Service if the discrepancies are confirmed. MTI has undertaken to inform all of its clients of the investigation and provide the opportunity to all its clients to withdraw their assets with MTI. We recommend that clients request refunds into their accounts as soon as possible.
MTI CEO Johann Steinberg has issued a statement denying that his organization commits multiple levels of fraud. Steinberg also said MTI would work with FSCA.
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