Texas intends to suspend the USI-Tech Limited

Bitcoin investment firm from Dubai is suspected in illegal promotion of bitcoin investment products
22 December 2017   892

Texas' financial watchdog have obtained a court order to suspend the company, which is accused of illegal promotion of bitcoin investment products in the state, reports CoinDesk.

According to the report, the Securities Board of the State of Texas revealed that the USI-Tech Limited, based in Dubai, sells investment contracts on the territory of "dozens of Texas cities" through social networks, websites and advertising on various sites, including Craigslist. Also two representatives of the company in the US are named: Clifford Thomas from Maryland and Michael Rivera from California.

Judging by the presentation, USI specializes in the sale of software and equipment for mining and trading. The document also provides the stated statistics of how many potential investors will be able to earn on commissions depending on the number of "referrals".

According to the Texas regulator, the company promises a stable daily profit, reminiscent of high-yield investment plans. Also, the firm encourages potential investors to agitate to invest other people's money in order to profit from it.

The agents' websites claim the mining investment 'derives its value from [USI-Tech's] non-exclusive interest in a series of bitcoin mining contracts.' They promise a daily return of 1%. The USI-Tech website says its bitcoin platform “consistently provides returns of up to 150% per year." The returns do not depend on the value of bitcoin, according to the company. In addition to violating registration requirements, USI-Tech and the sales agents are violating State Securities Board rules by failing to disclose information investors would need to make an informed decision about whether to invest.

Securities Board 

The persons indicated in the court order are accused of violating the standards for registering securities of the state of Texas and failing to provide proper information about the risks associated with the mining of bitcoin.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.