MTI CEO and Wife Issued With Provisional Sequestration Order by South African...
A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin scam. Sequestration Not Final According to a report, the order was reportedly served on the Steynbergs’ residential address at Eagle Crest in Polokwane. However, the report adds that the Steynbergs still “have until the return date of July 20, 2021, to give reasons why final....
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A South African High Court recently granted a provisional liquidation order against Mirror Trading International (MTI) following an application for relief by two investors who failed to withdraw their bitcoin. According to a statement released by lawyers of one of the aggrieved investors, this provisional order paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities. Provisional Order The order by the Cape Town court came after the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who failed to withdraw....
A South African judge, Justice Alma de Wet, has ruled in favor of granting a final liquidation order against Mirror Trading International (MTI), the country’s biggest bitcoin scam in the past year. Nevertheless, the judge postponed a ruling on an application by MTI liquidators to have the company declared an unlawful business to September 8, 2021. According to a report, interested parties that are opposed to the liquidators’ intervening application now “have until July 30 to file their answering affidavits.” On the other hand, liquidators “have until August 13....
It is always good to know how several banks around the world feel about Bitcoin, even though the outcome will be identical in most cases. The South African Reserve Bank does not consider Bitcoin and cryptocurrency legal tender, although that doesn’t make usage of these currencies illegal. South African Reserve Bank Creates Bitcoin “Grey Area.” A recent whitepaper by the South African Reserve Bank explains how Bitcoin and cryptocurrencies are not deemed legal tender in the country. However, contrary to popular belief, this does not mean the usage of Bitcoin is illegal in South Africa, as it....
Placed under provisional liquidation last month, Mirror Trading had claimed to be able to offer returns of 10% a month using bots to trade client's bitcoin.
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....