OneCoin operating illegally in Belize, issued cease & desist
Belize, a tax haven in central America, isn’t really known for regulation. It’s seen more of an “anything goes” type jurisdiction.
Nevertheless, the International Financial Services Commissions serves as the country’s top financial regulator.
Charged with ‘providing appropriate supervision and regulation of international financial services‘ within Belize, earlier today the IFSC issued a cease and desist to OneCoin.
The IFSC’s notice addresses OneLife Network Limited, one of the many companies that make up the OneCoin Ponzi scheme.
In the regulatory warning, the IFSC identify OneLife Network Limited as “an international business company registered in Belize”.
Despite being a registered international company in Belize however, the IFSC claim OneCoin is operating illegally because it
is conducting trading without first obtaining the required licence from the IFSC.
This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business.
The IFSC have issued OneCoin a cease and desist, citing the continuance of unlicensed activities a breach of Belize law.
As per Neri Matus, Director General of the IFSC,
all persons concerned are warned to take note and exercise extreme caution.
After being ousted from Gibraltar in late 2016, OneCoin sought another tax haven to incorporate itself in. Thus OneLife Network Services was incorporated in Belize through Ally Professional Services LTD.
Now also ordered to cease operations in Belize, possible financial ramifications for OneCoin are as of yet unclear.
At the time of publication the OneLife website still represented that the company was incorporated in Belize:
ONELIFE NETWORK LTD, 2118 Guava Street, Belama Phase I, Belize City, Belize