Norwegian regulator seeks permission to attend OneCoin event
Regulatory concerns about OneCoin are heating up in Norway, with news that the country’s top regulator has asked to attend a recruitment event this Saturday.
Norwegian banks have also started blocking investment into OneCoin.
OneCoin is currently scheduled to host its first event in Norway this Saturday.
The event will take place in Gardermoen, with OneCoin promising those who attend will get “confidence, knowledge and recognition”.
Tickets are €29 EUR to listen to five Swedish and one Norwegian affiliate drone on for six hours. VIP tickets that include lunch and dinner are €139 EUR.
The stated aim of the event is to “make Norway a prominent country in OneLife”.
The Norwegian Gaming Board is the company’s top MLM regulator.
Last April the Gaming Board sent OneCoin a letter to remind them of Norway’s regulations concerning pyramid schemes.
As of October, 2016, the Gaming Board had received no reply from the company.
Now in what appears to be an escalation of the Gaming Board’s investigation, the regulator has sent another letter to the company.
In the letter the Gaming Board advises OneCoin it has and continues to receive
a relatively large number of inquiries in the form of tips and questions from private individuals, other government agencies and the media.
The Gaming Board also included information about Section 16 of Norway’s Lottery Act, which regulates “pyramid schemes and pyramid-like sales system”.
Perhaps the most significant aspect of the letter however is the Gaming Board request for permission to attend the Gardermoen event.
We want to be present at the event (held) by senior (affiliate) Steinar Mjøs and senior (affiliates) Silje Sægrov Amble and (wish to) sit as spectators (to see) for ourselves to see how the business is marketed in Norway.
Norwegian media outlet Aftenposten contacted the Gaming Board upon learning of the request. As of February 21st, the Gaming Board reported it had not received a reply to its request.
It is unclear whether Gaming Board investigators will attend the meeting if OneCoin does not respond by Saturday.
In related news, Norwegian banks have begun cancelling transactions by customers for the purpose of OneCoin investment.
A representative from the Gaming Board claims that
several Norwegian banks have been in touch … with questions about (whether OneCoin) is legitimate.
Some have stated that either on their own initiative or due to regulatory guidelines they have or will soon block payments to OneLife and OneCoin from Norwegians.
An employee of Sparebanken Vest, the third largest bank in Norway, told Aftenposten that after consulting the Gaming Board and Financial Supervisory Authority about the legality of OneCoin, the bank began blocking transfers related to OneCoin.
The decision for this is twofold; The uncertainty associated with the so-called currency’s legitimacy and the bank’s reputation.
We equate OneCoin with cases of other similar pyramid schemes.
Other banks confirmed they too had blocked OneCoin transactions and had been in contact with the Gaming Board. At least three banks are waiting on a regulatory decision.
Aftenposten tried to contact OneLife and OneCoin, affiliates organizing the Saturday event and the company’s Norwegian lawyers. None of them responded.
BehindMLM’s 2014 review of OneCoin identified the company has no retailable products or services, with all commissions paid on the recruitment of new investors.