Two OneCoin promoters have been arrested in Singapore, on the charges related to “pyramid selling”.

According to a report by Rachel Mui from the Business Times, the arrests are the first of their kind in Singapore.

The Commercial Affairs Department has stated that OneCoin is a “fraudulent cryptocurrency”.

Local residents participated in the scheme by buying online educational courses bundled with promotional tokens.

The promotional tokens could be used to ‘mine’ for OneCoins. Participants who brought in new participants were also entitled to overriding commissions in contravention of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.

In addition to being charged with promoting the OneCoin Ponzi scheme, one of the affiliate promoters also copped what appears to be a money laundering charge.

The company in question is One Concept Pte Ltd, which authorities say was incorporated solely for the purpose of laundering funds related to OneCoin investment.

Back in 2016 the Monetary Authority of Singapore issued a OneCoin investor alert.

MAS’ investigation is believed to have contributed to OneCoin losing their Singapore held United Overseas Bank account.

The latest arrests follow the Singaporean government flat out calling OneCoin a Ponzi pyramid scheme mid last year.

The two OneCoin Ponzi promoters were presented in court on April 10th.

If convicted, they face a prison term of five years and/or a fine of up to S$200,000 ($147,840) for each charge.

The Singapore Police Force has issued a new warning against promoting or investing in OneCoin or One Concept Pte Ltd.