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 <h2 id="strong-consent-order-issued-against-mti-strong"><strong>Consent Order Issued Against MTI</strong></h2> 
 <p><span style="font-weight: 400">On September 6, 2023, Judge David A. Ezra of the U.S. District Court for the Western District of Texas entered a consent order finding Mirror Trading International Proprietary Limited (MTI) liable for a litany of charges.&nbsp;</span></p>  
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 <p><span style="font-weight: 400">The charges include fraud in connection with retail Foreign currency (Forex) transactions, fraud by a Commodity Pool Operator (CPO), registration violations, and failure to comply with CPO regulations. The roots of this case can be traced back to a <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> complaint filed on June 30, 2022, alleging MTI’s involvement in fraudulent activities.&nbsp;</span></p> 
 <p><span style="font-weight: 400">One of the most noteworthy aspects of the consent order is the requirement for MTI to pay more than a staggering $1.7 billion in restitution to the defrauded victims. Additionally, the consent order also imposes permanent trading bans on MTI in any <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a>-regulated markets.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Furthermore, the order includes a registration ban against MTI, which effectively prevents the company from participating in any future CPO activities.</span></p>  
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 <p><span style="font-weight: 400">Remarkably, this civil monetary penalty is the highest ever ordered in any CFTC case, underscoring the severity of the wrongdoing. This verdict underscores the </span><span style="font-weight: 400">CFTC’s commitment</span><span style="font-weight: 400"> to ensuring that perpetrators of financial fraud face the consequences of their actions.&nbsp;</span></p> 
 <h2 id="strong-background-of-the-cftc-case-against-mti-strong"><strong>Background of the CFTC Case Against MTI</strong></h2>  
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 <p><span style="font-weight: 400">According to the order, Cornelius Johannes Steynberg, both individually and as the controlling figure behind MTI, orchestrated a far-reaching international multilevel marketing scheme. The primary aim of this scheme was to solicit <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> from unsuspecting individuals, enticing them to participate in an unregistered commodity pool operated by MTI.&nbsp;</span></p> 
 <p><span style="font-weight: 400">This unregistered commodity pool claimed to engage in off-exchange, retail forex trading using what the defendants falsely presented as proprietary trading software or “bot.”&nbsp;</span></p> 
 <p><span style="font-weight: 400">During the nearly three-year period, Steynberg and agent of MTI, managed to solicit an astounding 29,421 </span><span style="font-weight: 400"><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a></span><span style="font-weight: 400"> from participants. At the end of this timeframe, the total value of these <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> holdings exceeded a staggering $1,733,838,372.&nbsp;</span></p> 
 <p><span style="font-weight: 400">The <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a>’s relentless pursuit of justice in this case was aimed at addressing the grievances of over 23,000 individuals from the U.S. who were victimized by MTI.</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/breaking-us-cftc-settles-largest-bitcoin-forex-fraud-case-tbt61928.html">https://thebittimes.com/breaking-us-cftc-settles-largest-bitcoin-forex-fraud-case-tbt61928.html</a></p>

Breaking: US CFTC Settles Largest Bitcoin Forex Fraud Case

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