USI Tech

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USI Tech
Founding locationUnited Arab Emirates UAE
TerritoryGlobal
Criminal activitiesPonzi scheme

USI Tech Limited (also known as United Software Intelligence, or stylised as USI-TECH), is a Dubai-based cryptocurrency and forex platform trading provider, suspected to be a high-yield investment program and a Ponzi scheme.[1][2][3] As of October 2018, USI-Tech has moved its website from a .com top-level domain to a .io domain, and continues to accept new investments from most parts of the world,[4] while withdrawals of previous investors remain untraceable.[citation needed]

History[edit]

  • On 20 December 2017, the Texas State Securities Board issued an emergency cease and desist order as neither USI-Tech nor the sales agents, Clifford Thomas and Michael Rivera, were registered to sell securities in Texas.[1]
  • On 21 December 2017, the Government of New Brunswick issued a consumer alert against investing at USI-Tech, and advised consumers to contact the Commission if approached about investing in the company.[5]
  • On 12 January 2018, the Attorney General of Guam issued a statement advising people to exercise caution when investing at USI Tech.[6]
  • On 26 January 2018, the Government of Saskatchewan issued a Cease Trade Order, and requested anyone contacted by USI-TECH to inform the Financial and Consumer Affairs Authority of Saskatchewan. [7]
  • On 9 April 2018, the Spanish financial regulator Comisión Nacional del Mercado de Valores added USI-Tech to its warning list of unauthorised firms and entities.[8]
  • On 16 August 2018, the Financial Markets Authority of New Zealand updated its warning list to include USI Tech on basis that it is offering financial services and products to residents of New Zealand without authorization, while also warning that the operators have the characteristics of a scam.[9]

See also[edit]

References[edit]

  1. ^ a b "Bitcoin Promoter USI-Tech Hit With Emergency Order". Texas State Securities Board. 20 December 2017. Retrieved 25 October 2018.
  2. ^ Johnson, Tim (20 February 2018). "Cries of scam arise as once high-flying firms fail to deliver on cryptocurrency". McClatchyDC. Retrieved 25 October 2018.
  3. ^ Penman, Andrew (1 March 2018). ""I earn money while I sleep" claims promoter of Bitcoin investment spin-off called USI-Tech". Daily Mirror. Retrieved 25 October 2018.
  4. ^ "USI Tech: The Future of Cryptocurrency". Retrieved 25 October 2018.
  5. ^ "Consumer alert: USI-TECH Ltd". Government of New Brunswick. Financial and Consumer Services Commission. 21 December 2017. Retrieved 25 October 2018.
  6. ^ O'Connor, John (12 January 2018). "AG looks at USI-Tech, cautions consumers". Post Guam. Retrieved 25 October 2018.
  7. ^ "Do Not Invest with USI-TECH Limited". Government of Saskatchewan. 26 January 2018. Retrieved 25 October 2018.
  8. ^ "Entities not authorised by CNMV". Comisión Nacional del Mercado de Valores. Retrieved 25 October 2018.
  9. ^ Skinner, Celeste (16 August 2018). "New Zealand's FMA Blacklists Trading Software Provider USI-Tech". Finance Magnates. Retrieved 25 October 2018.

External links[edit]