Warning issued against suspected MLM fraud Mirror Trading International
Sep 14, 2020
Mirror Trading International is based in South Africa and describes itself as an “investor club” that promises 0.5 percent daily returns through AI-based bitcoin trading.
In early July, the Texas State Securities Board (TSSB) in the United States ordered the alleged trading network to close down. They accused Mirror Trading International of being a so-called multi level marketing (MLM) fraud, according to Coindesk.
Spreads in Sweden
Authorities in South Africa also recently issued a fraud alert against Mirror Trading International. It is The Financial Sector Conduct Authority that claims that Mirror Trading International does not have a qualified license to operate, and that “returns on the investments claimed by MTI seem far-fetched and unrealistic”, the website Behind MLM reports.
According to the company’s own website, Mirror Trading International has over 90,000 active members worldwide. Now it also seems to be spreading in Sweden.
The name appears on several occasions in the Swedish Facebook group “Is it a scam?” which aims to identify and alert fraudsters online.