UnionPay accuse OneCoin of being “inconsistent with facts”
Back in March OneCoin lost their Mastercard merchant issuer.
Turns out being part of a million dollar drug gang is bad for business.
Mastercard have since denounced OneCoin, effectively announcing they want nothing to do with the company.
Given Mastercard are watching for links between merchants and OneCoin’s many shell companies, we’re probably not going to see a OneCoin branded Mastercard anytime soon.
Through their many shell companies, OneCoin had to seek out alternative processing channels.
On May 10th OneCoin announced they were going ‘to issue UnionPay cards‘.
OneCoin has taken another tremendous leap toward becoming the Top cryptocurrency worldwide!
We are proud to announce that very soon we will start the issuing of ONE NET UPI CARDS in association with UnionPay.
This gives our Members the unique opportunity to receive the cards through a SIMPLIFIED APPLICATION PROCEDURE, without having to go through prolonged OnePay KYC.
The first printed cards are already available in our Hong Kong office. The debit cards, reloadable on a daily basis, are accepted in China, and will operate in US Dollars.
Turns out OneCoin and their affiliates have been incorrectly marketing these cards. Despite OneCoin claiming they are “issuing” the cards, UnionPay International have issued a press-release clarifying they aren’t.
After confirming with Georgia’s Capital Bank, the OneNet UnionPay card issued by the bank is a prepaid card which supports transactions in the US Dollar. It cannot be used to conduct transactions in Onecoin or Bitcoin.
Therefore, the rumor that ‘Capital Bank issues UnionPay Onecoin card’ is inconsistent with the facts.
UnionPay has always complied with the regulations in card-issuance, and has never issued any UnionPay card supporting transactions in virtual currency.
The UnionPay cards are hooked up to a JSC Capital Bank account in Georgia (the country).
On their website, JSC Capital Bank offer a “Chinese UPI Card”, which operates as a standard debit card.
UPI card is the best way to trade in China, Dubai and other Asian countries.
Wherever you would like to trade your money is always safe UPI will have on the card.
In over 140 countries will be able to use this card, cheaply and easily, at the same time you get to the ground, and many (merchants) offer a discount.
OneCoin affiliates are able to transfer withdrawn cash from their backoffices or bank accounts onto the cards, which can then be spent in China.
As per the UnionPay press-release, the UnionPay cards have nothing to do with OneCoin within the context of cryptocurrency.
If you’re wondering why UnionPay are going out of their way to stress the cards are not directly tied to the OneCoin business, it’s because in late April Chinese authorities began arresting OneCoin investors. China has also cracked down on banks working with cryptocurrency companies directly.
The funds OneCoin affiliates are loading onto the UnionPay cards appear to be issued from a JSC Capital Bank account bearing the name “OneNet”.
JSC Capital Bank were first reported to be providing financial services to OneCoin back in November of 2015. Less than a month later OneCoin stopped accepting affiliate deposits through their JSC Capital Bank account(s).
To what extent JSC Capital Bank are aware they are processing transactions for a global Ponzi scheme is unclear.
After reading this post, I would image the compliance dept at Capital Bank is reviewing that relationship as I type this message.
Good news travels fast. Bad news travels at the speed of thought.
IIRC onecoin was banking with JSC ‘Capital Bank’ in tbilisi, georgia [the country].
at some point onecoin was banking with TD bank [canadian bank] in florida, USA.
are you sure this ‘capital bank’ mentioned by unionpay in its statement does not refer to the same JSC ‘capital bank’, georgia [the country]?
I’m going by the Union Pay press-release: “After confirming with Georgia’s Capital Bank”.
No mention of JSC. As far as I know the JSC Capital Bank account was shut down, hence the banking roulette. I’d be surprised if JSC Capital Bank were still providing financial services to OneCoin.
On the other hand, much easier to open dodgy bank accounts in Georgia than the US.
If I reach out to Capital Bank they’re going to tell me they can’t discuss client details so we’re stuck with UnionPay’s press-release for now.
Wait a minute – capitalbank.ge/en/Pages?title=chineseupicard
Give me a sec, need to rewrite some of the article.
Thanks for catching that. Two Capital Banks in two Georgias, what are the odds.
Can’t believe JSC Capital Bank haven’t cottoned on yet. Although I suppose affiliate withdrawals to UnionPay cards are a lot less suspicious than affiliate investment deposits.
I guess someone at JSC Capital Bank is getting rich turning a blind eye. Reminds me of the whole Zeek Rewards, Payza, VictoriaBank (Moldova), PaymentWorld mess.
JSC ‘capital bank’, georgia, was previously JSC ‘Investbank’ and was rebranded only in 2014.
‘JSC investbank’ is originally a bulgarian bank:
investbank, bulgaria, finds mention of being a ‘shady bank’ in [wikileaks] cables from the US embassy of bulgara:
so, petya slavova is the richest woman in bulgaria, controls JSC investbank, and her former husband sabev’s company is partially owned by Lukoil. [in bulgaria, the political and business elite often control banks via their current/ex wives]
recently in the article,
behindmlm.com/companies/onecoin/ignatova-has-spent-35-million-on-bulgarian-property/
it was disclosed that ruja ignatova bought a building for the onecoin headquarters in bulgaria from GP Group. the actual control of GP group is with Valentin Zlatev, who is the bulgarian representative of Lukoil:
so, ruja ignatova’s banker JSC Capital Bank, georgia, was previously JSC investbank, which is even today a bulgarian bank owned by petya slavova, wife of slabev, whose company is partially owned by lukoil, and ignatova recently bought prime property in bulgaria from [GP group which is owned by] lukoil, bulgaria?
for some reason ruja ignatova seems to have a firm foothold in the wealthiest elite circles in bulgaria, and is even on the board of directors of the richest investment firm of bulgaria, CSIF, which is owned by the bulgarian prime ministers common law wife.
what has enabled ruja ignatova who was raised in germany, to establish such a foothold in bulgaria? is she ‘backed’ by influential people in bulgaria? it is difficult to believe that she has quickly ‘earned’ this position in bulgarian society all by herself, and neither does her family lineage appear to be that of ‘old’ political or economic power in bulgaria.
something does not fit with ruja ignatova and her onecoin being a ‘standalone’ scam out of bulgaria!
IIRC in september 2015, the bulgarian FSC regulator had issued a warning about onecoin, and soon after onecoin banking was shifted out of bulgaria, to JSC capital bank, georgia.
that JSC capital bank, georgia has old connections with [shady] JSC investbank, bulgaria, could very well explain why onecoin is getting such ‘support’ from a bank in georgia!
Bloody hell. Maybe there’s some merit to those mafia claims after all.
Bulgaria’s Investbank has had that name for more than 10 years now and has nothing to do with Georgia’s Investbank that was renamed to Capital Bank.
It is not that uncommon name for a bank so I guess it is a pure coincidence.
Also some of the links made are quite overstretched… To point a few: Sabev no longer controls Petrol AD, Lukoil has no stake in Petrol, Slavova is former wife of Sabev as they were divorced more than 10 years ago, Ignatova was on the board of CSIF for a short period in 2011 – not now…
you mean there is a JSC investbank in bulgaria controlled by petya slavova, and there is a JSC investbank in georgia [now JSC capital bank], and there is no connection between the two?
that is a real stretch of coincidence!
drat.
but you are probably mr Nickolay Stoyanov of the bulgarian media outlet ‘Capital’, who did an indepth study of ruja ignatova’s property purchases in bulgaria, so obviously your information is correct.
my info about investbank, mitko sabev and petra slavova arise chiefly from the wikileaks documents, and may be dated information.
regarding ignatova and CSIF, a document in 2015 from onecointrust.com says:
bloomberg.com also records ruja ignatova as a member of the board of CSIF and economic director:
it is possible that onecointrust.com is providing false information and it is possible that the information on bloomberg is outdated, but could you check this out once again please?
cointelegraph.com which had published an article about onecoin in 2015 headed ‘One Coin, Much Scam: OneCoin Exposed as Global MLM Ponzi Scheme’, had contacted CSIF about ruja ignatova’s role with them, but did not receive a response.
thanks mr Nickolay Stoyanov.
on june 30, 2016, ruja ignatova hosted a special webinar about the onecoin ‘onetablet’.
she said payments can be made either from back office ‘cash’ account or by wiring the money to the company. she did not mention the option of paying with onecoins.
a comment posted yesterday on the onelife corporate facebook page also suggests that affiliates do not have the option of paying with onecoins anymore.
questions had been raised about why over 1100 onecoins had to be paid to purchase the onetablet, which effectively reduced the value of the coin to a fraction of what its internal value is touted to be.
with no logical explanation to give, rujamama seems to have have withdrawn the option of paying with onecoins.
So what, once again we’re back to OneCoin themselves not accepting OneCoins for any goods or services?
But yeah, I’m sure there’ll be a million third-party merchants ready to come October.
OneCoin never said that their Union Pay cards will be loaded with OneCoins. Currency was and is USD from the beginning.
The implication though is that OneCoins can be used to pay for goods and services with the card.
Why otherwise even bother having it? Any card will do.
…OneCoin! The only crypto currency which cannot be used as currency.
We have super spectacular algorithms which requires you to exchange OneCoins for fiat currency within the OneCoin architecture. This makes sure that the transactions are secure and to protect your money.
For Us to perform this function, you must pay €30. In addition, we will load a prepaid card and mail it to you with your fiat currency loaded.
This service will cost you €100 plus a €19.99 shipping and handling charge. No other crypto currency will protect you and your money better.
So please sign up your family and friends so their money can be secure too. Ruja promises she will protect it as if it were her own.
If you can’t even load it by converting a bunch of OneCoins, what good is the card for any way? Ruja enjoys the shiny MC logo? Or is it for you all too withdraw your COMMISSION with, which is NOT in OneCoins?
Ut Oh…According to ponzi pimp Casey Tan…. Labine and his beloved Onecoin may have some competition…
According to Tan and I quote, “Visa, Mastercard and New Kid on The Block, Bookcoins: THE NEXT PAYMENT METHOD”…. Watch out Onecoin!!!… LMAO