OneCoin and OneLife ordered to “end all promotion” in Germany
Building on an earlier cease and desist issued to OneCoin Ltd (Dubai), Germany’s top financial regulator BaFin has strengthened the order to essentially cover all of OneCoin’s German operations.
The latest April 27th cease and desist sees BaFin order
Onecoin Ltd, Dubai, and OneLife Network Ltd, Belize to dismantle their internet based “OneCoins” trading system and to end all sales promotion activities in Germany immediately.
At the same time, BaFin issued a cease and desist order against One Network Services Ltd, Sofia/Bulgaria for the latter’s involvement in the unauthorized trading of “OneCoins” by Onecoin Ltd, Dubai, and OneLife Network Ltd, Belize.
BaFin have identified OneCoin as a “virtual currency” business, which OneCoin and OneLife have been distributing in Germany without authorization from BaFin.
OneCoin could have registered with BaFin to obtain the appropriate license but – well, y’know… Ponzi scheme.
BaFin’s cease and desist comes into immediate effect, meaning operating a OneCin business or promoting the Ponzi scheme is now completely illegal in Germany.
In the wake of the German ban OneCoin has yet to issue a statement.
That said, standby for another exclusive BusinessForHome distraction piece showcasing how much a top OneCoin leader has stolen from its affiliates…