OneCoin change banks amid German regulatory investigation
Well, that didn’t take long.
Two days ago BehindMLM reported Germany’s Federal Financial Supervisory Authority (BaFin) was investigating OneCoin.
Today OneCoin informed their affiliates they have stopped accepting payments through the German bank, Commerzbank AG.
As is typical with announcements from OneCoin, the company doesn’t provide a reason for the abruptly timed bank change.
Rather, the OneCoin affiliate newsletter sent out today simply states:
We would like to inform you that we have changed our account details in Germany!
Please note, that we no longer accept payments in Commerzbank. The change is with immediate action.
The timing of the account closure couldn’t be worse, with OneCoin gearing up to hold a major Ponzi promotion event at London’s SSE Arena this weekend.
That it was abruptly announced just days after a German regulatory investigation was confirmed is also highly suspect.
Typically when a bank closes a client’s account, they are given some notice. Only in the event of suspected serious violations of the law are accounts terminated without notice.
Typically in these scenarios, in addition to closing the client’s account(s), the bank in question also forwards its findings to the relevant authorities.
What’s somewhat weird is OneCoin’s new bank is also German…
Account holder: IMS International Marketing Services GmbH
Address: Rathaus Strasse 7, 48268 Greven, Germany
Bank: Deutsche Bank
Bank Address: Alte Münsterstraße 1-3, 48268 Greven, Germany
Account number: 80808901
Bank code: 40070024
IMS International Marketing Services GmbH is a shell company OneCoin acquired when they purchased OPN Network’s affiliate-base.
The previous CommerzBank account was opened in March, with it taking about three months for OneCoin to trigger the bank’s money laundering filters.
There’s a good chance that OneCoin set up the Deutsche Bank account well before today’s account change notice.
Now with a German regulatory investigation underway, it is expected OneCoin’s new Deutsche Bank account will be closed even quicker.
Personally I’m of the mind OneCoin knows the account will be closed, with it being a stop-gap measure to buy them some time to set up accounts elsewhere.
Over the last year OneCoin has played banking roulette, with new accounts opened and closed every few months as authorities close in.