onecoin-logoSlowly but surely, regulators in Europe are starting to tackle the OneCoin problem.

Back in September it was confirmed that London police were investigating the scheme.

Last week a criminal complaint was filed against one of Belgium’s top OneCoin promoters.

Now in Italy, the Italian Antitrust and Consumer Protection Authority (AGCM) has ordered local affiliates to stop promoting OneCoin.

Over the past week Italian OneCoin affiliates of an unspecified number began receiving letters from AGCM.

The regulator appears to be investigating OneCoin and has requested specific information from local affiliates.

How the regulator identified affiliates to send their correspondence to is unclear.

Nonetheless those that received communication from the AGCM were informed that ‘there are reasonable elements to declare Onecoin a deceitful Ponzi scheme‘.

The regulator went on to demand affiliates turn over information about their OneCoin businesses. Including revenue generated, information on who they have recruited and related invoices and contracts.

Affiliates have been purportedly threatened with heavy fines if they do not comply.

Seemingly in an effort to get to the bottom of OneCoin’s pseudo-compliance, the regulator has also asked for detailed information on OneCoin’s so-called “educational packages”.

Whether a OneCoin affiliate invests €5500 or €225,000 EUR, the “education package” they receive is the same.

If OneCoin compliance is to be believed, bundling an education with affiliate investment somehow legitimizes Ponzi fraud.

While the AGCM continue to investigate OneCoin, recipients of the recent letter have been ordered to stop promoting the scheme.

Sulla base degli elementi agli atti sussistono i presupposti perché l’Autorità deliberi, ai sensi dell’art. 27 comma 3 del Codice del Consumo (Decreto 6 settembre 2005, n. 206) la sospensione provvisoria della pratica commerciale.

TruffaCoin, who obtained a copy of the AGCM letter, translate the above as;

Based on elements already in our possession, the conditions are satisfied for the Authority to decide the temporary suspension of the commercial activity, according to art 27 comma 3 of the Comsuner’s Protection code (Decree 206 of sep 6th 2005).

Essentially, what they say is “give us all these documents, but even without them we are confident enough to say that you have to stop selling Onecoin, because at first glance is seems a deceitful Ponzi.

If – from your documents – we’ll see otherwise, you might start selling again”.

TruffaCoin report that in the aftermath of the AGCM’s letter being sent out, several Italian websites promoting OneCoin have since shut down.

Stay tuned…


Update 31st December 2016 – banningAGCM have issued an interim injunction the promotion of OneCoin in Italy.