An embattled bitcoin investment company, Mirror Trading International (MTI)’s troubles took another twist August 18 after the South African regulator, Financial Sector Conduct Authority (FSCA) said that it is investigating the investment company.

MTI’s latest conflict with the regulator follows the cease and desist order issued against it by the Texas States Securities Board (TSSB) in July.

In a press statement, the FSCA says it is of the “view that the current MTI business model requires it to be in possession of a financial service provider license.” TSSB similarly accuses MTI of operating in Texas without the requisite approvals or licenses.

The South African regulator explains that it had been informed by MTI that “they accept clients’ funds in the form of bitcoin. The funds are then pooled into “one trading account on a forex derivative trading platform.” MTI will then “conduct high-frequency trading through the utilization of a bot.”

However, the regulator says if MTI is carrying out the activities as described, “then this…

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