USI-Tech’s recent attempts to legitimize their upcoming Ethereum mining pool appears to have captured the attention of regulatory bodies, with the British Columbia Securities Commission issuing an investor warning caution when considering dealing with unregistered firms mentioning USI-Tech specifically.
Since early May, USI-Tech has been promising investors a significant ROI through a cryptocurrency-related program, with little evidence of how profits are generated. The project itself has had a convoluted history, with references made in early stages to Forex trading, which evolved into Bitcoin trading and mining, until finally settling on Ethereum mining.
According to the BCSC’s warning, the regulatory body has officially added USI-Tech to their “Investment Caution” list.
According to the BCSC, USI-Tech is an unregistered organization, and thus is:
“is not registered to trade in, or advise on, securities or exchange contracts in BC. We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.”
Despite the fact that USI-Tech is clearly offering a security, it has not registered with either the BCSC or the US SEC to date. With more than 27% of all traffic to the USI-Tech website originating in the US, it’s likely only a matter of time until the regulatory hammer falls on USI-Tech.