Although a bit late to the game, yesterday Portugal’s top financial regulator issued a OneCoin investment warning.

Banco de Portugal’s November 27th warning targets OneLife Network Limited, OneCoin Limited and One Network Services.

Banco de Portugal warns that OneLife Network Limited (Belize), OneCoin Limited (Dubai) and One Network Services Ltd (Bulgaria), acting in their own name or through third parties, under the trading name “Onecoin” and “Onelife”, are not on this date and never were authorized – in Portuguese territory – to accept deposits or other repayable funds (nor to carry on any other financial activity subject to the supervision of Banco de Portugal).

As per Portugese law, only company’s authorized by Banco de Portugal are legally able to “accept deposits or other repayable funds” nationally.

This means OneCoin is and has been operating illegally in Portugal since inception.

The latest blow to OneCoin’s Ponzi empire comes at a time of turmoil. Other than “hodling” onto their OneCoin points, affiliates appear to have no idea how to recover their losses.

Promise after promise is made at OneCoin events, with the game-plan and business model changing every few weeks.

Following the abrupt departure of OneCoin CEO Pierre Arens, nobody from OneCoin management has stepped up to face investors.

After her own disappearance some months back, Founder Ruja Ignatova remains in hiding.

Last weekend OneCoin Master Distributor Sebastian Greenwood spoke at a OneLife event in Kuala Lumpur, Malaysia.

After coming up with excuses as to why affiliates can’t withdraw invested funds for 25 minutes, Greenwood stated “it felt like (he) spoke at a funeral”.