USI-Tech securities fraud warning issued in Spain
Spain’s top securities regulator, the National Securities Market Commission (CNMV), has issued a securities fraud warning against USI-Tech.
CNMV’s warning, published on April 9th, states that USI-Tech “is not authorized to provide investment services” in Spain.
By continuing to operate locally, the CNMV claims USI-Tech is in violation of Spain’s Securities Markets Law.
At the time of publication, Alexa estimate Spain makes up less than 7% of traffic to the USI-Tech website.
In related news pertaining to USI-Tech investors reporting it will take decades to pay them back at the current ROI rate, the company has blamed electricity costs and bitcoin’s high mining difficulty.
To help you understand some of the challenges we are currently facing and what can affect our profitability, we would like to share with you two main factors.
Firstly, our electricity costs are paid in fiat so the lower Bitcoin remains, the more Bitcoin is required to meet these costs.
The other main factor is mining difficulty which is HIGH in relation to the current Bitcoin price which also affects our profitability.
However, despite these challenges we continue to strive forward and we have recently managed to increase payments, albeit ever so slightly as we added more Petahash.
We would like to take this opportunity to re-iterate that the additional Petahash which has already been secured, can further increase payments to our partners as it comes online and when conditions improve in the Mining market and are not continually changing in a detrimental way.
USI-Tech claims to have been mining bitcoin to cover ROI payments since at least last June.
Funny how there wasn’t any hiccups until US and Canadian regulators prompted USI-Tech to abandon its largest source of new investment.
Electricity costs and bitcoin mining difficulty. It’s the new “someone DDOS’ed my grandma so I have to go away for a few months – that’s why you haven’t been paid”.
Update 10th April 2018 – CNMV’s website has some weird linking structure which was causing a .txt error file download if you linked directly to the notice.
The warning link should be working properly now.