USI-Tech Closed to North America – Covering Their Bet on the Texas Bitconnect Smackdown
USI-Tech Closed to North America was a smart move by Dubai-based USI-Tech in light of the recent cease and desist letter they received from the Great State of Texas last month. What took them so long? Perhaps they noticed that Texas sent Bitconnect a cease and desist letter and thought it best to “get out of Dodge” as the saying goes.
According to an email shared on a Reddit group assumed to be from USI-Tech:
“We were utterly dismayed to learn that a large number of our sales partners extensively advertise our services on their own websites as well as on social media in a manner which is a breach of contract as well as illegal, and which gives the appearance that our service portfolio violates both US and Canadian law. Despite the measures which we have already initiated, this behavior has even intensified in recent weeks and months. This has already resulted in actions by the respective authorities against various distributors, as well as the first preliminary injunctions in response to this advertising behavior. “
The last sentence is eye-opening…. “injunctions”? Are there other states or even local jurisdictions in the USA that have taken legal action against USI-Tech? We may never know and now it’s moot since USI-Tech Closed to North America is a done deal. This article out of Guam mentions legal action taken by Canada and going so far as to propose the notion there may be a Ponzi scheme at work.
Here are actual screen shots from a USI-Tech account holder’s screen…
So USI-Tech Closed to North America is reality. We suspect that Bitconnect will follow suit. They’ve already eliminated operations in Texas which I suspect is the first step towards their exit from the US and Canadian markets. A lot of American and Canadian citizens are frequently outraged by overregulation but this is one example of how government regulations really can work and benefit the people.
