OneCoin under police investigation in the UK
In a warning issued to consumers, the UK’s Financial Conduct Authority has revealed that London police are now investigating OneCoin.
The Financial Conduct Authority (FCA) is a finance regulator in the UK that operates independently of the UK government.
The FCA itself is not investigating OneCoin but observes that
This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.
As OneCoin is not authorised, consumers who deal with it will have no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.
OneCoin currently has no known financial operations in the UK.
With respect to the London police investigation, the FCA state it was only launched recently.
If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud (link is external) or telephone them on 0300 123 2040.
This weekend OneCoin is hosting an event in Thailand. Despite claiming to be a legitimate cryptocurrency, OneCoin plans to double investor’s OneCoin points, disconnect their current point generation script and hook up a new faster one.
There are also rumors that OneCoin management might begin their exit strategy after the event.