Court Orders Mirror Trading International to Enter Liquidation

​Mirror Trading International (MTI), a South African Bitcoin trading company, has been ordered to enter into liquidation, following a Cape Town court granted a provisional liquidation order against it.

Let's recall that, the Financial Sector Conduct Authority (FSCA) has previously warned the public that MTI is not licenced to conduct financial services and has not applied for such a licence. 

Furthermore, the regulator noted that MTI and its senior management are conducting an illegal operation, misleading clients and have contravened several laws.

According to the authority's statement, it has received complaints that investors were unable to redeem their investments and no withdrawal of bitcoin by MTI from FXChoice, MTI's forex platform, occurred in July 2020.

“Mr Cornelius Johannes Steynberg, CEO of MTI has actively assisted in the operations by Mr Clynton Hugh Marks and Mrs Cheri Marks,”the regulator added. “ The investigation is on-going, and a criminal case has been opened by the FSCA with the South African Police Services.”

MTI first started trading in April 2019. Members of the public were invited to register on the MTI website (www.mirrortradinginternational.co.za and www.mymticlub.com).