OneCoin lose Singapore UOB account, only Bank of Africa left
It’s looking like OneCoin’s banking roulette may be coming to an end, with news today they’ve lost their Singapore United Overseas Bank account.
I initially thought OneCoin had lost their UOB account a few days ago along with their newly opened Cyprus account. Turns out while one of their accounts was frozen, OneCoin opened up a new account under a different shell company name.
The account, opened up under “Vernada Trading Pte. Ltd”, was removed from the OneCoin affiliate backoffice sometime over the last 24 hours.
The original account, opened up under “International Marketing Services Pte. Ltd”, is believed to have been frozen following an investor alert issued by the Monetary Authority of Singapore.
Whether the Vernada Trading account was also shut down or instead terminated is unclear.
As it stands, OneCoin has one bank account left with Bank of Africa in Tanzania. The account was opened using the shell company “IMS Marketing Tanzania Limited”.
The account has remained open for some time, suggesting Bank of Africa aren’t concerned OneCoin is using it to launder stolen Ponzi funds through.
If Bank of Tanzania were to investigate and close down OneCoin’s account, how newly recruited affiliates would deposit funds into the scheme is unknown. OneCoin currently accepts bitcoin as a form of payment but bank wire is by far the more popular option.
In related news the internal OneCoin exchange has been down for over a month. A few days ago the company announced it was moving the exchange to a separate domain, xCoinx.
xCoinx was initially touted as a public exchange but is infact owned and operated by OneCoin. The domain was abandoned following a decision to keep the internal exchange in the OneCoin affiliate backoffice.
Whether the recent spate of bank account closures is behind OneCoin disabling access to the internal exchange is unclear.