In what appears to be a followup to their initial warning back in March, Belize’s International Financial Services Commission has issued a second warning against OneCoin.

The IFSC’s first warning identified OneLife Network Limited as “an international business company registered in Belizeā€.

At the time of publication OneLife still provide a corporate address in Belize on their website.

The IFSC claimed OneCoin had not obtained a required license and thus was conducting business illegally.

Despite representing they cooperate with authorities, OneCoin to date have failed to register with IFSC.

As per a new August 25th warning, the IFSC reaffirm

OneLife Network Limited … is not licensed by the International Financial Services Commission (IFSC) or any other competent authority in Belize to conduct any of the International Financial Services in or from Belize specified under the International Financial Services Commission (Licensing) Regulations, 2007.

Evidently OneCoin are intent on ignoring the IFSC and Belize law, despite publicly insisting otherwise.

In response to a similar warning issued by Luxemourg’s Commission de Surveillance du Secteur Financier earlier this week, OneCoin claimed it was

always ready to cooperate with all Regulators and institutions around the world in the name of transparency and respecting the laws of each country where the company operates.

Whether the IFSC proceed with an enforcement action is unclear. Certainly their warnings appear to be have had little to no effect on OneCoin’s flouting of Belize law.

In the meantime, the IFSC continue to warn OneCoin investors to ‘take note and exercise extreme caution‘.

OneCoin’s likely response to the IFSC warning will be OneLife Network Limited and OneCoin are two different companies.

The technicalities of shell company formations aside, OneCoin and its various entities are owned and operated by the same people.