OneCoin warning issued by Bank of Uganda
aUganda is the latest country to issue a regulatory warning against OneCoin.
A notice published by the Bank of Uganda on February 14th all but accuses OneCoin of being a Ponzi scheme.
Among other things, the Bank of Uganda is in charge of ‘supervision and regulation of Financial Institutions’.
Despite offering an investment opportunity within the country, OneCoin has not registered itself as a Financial Instution within Uganda.
The Bank of Uganda are quick to point out that OneCoin is thus ‘conducting business outside the regulatory purview of the BoU.‘
The above entity’s website address is onecoin.eu and it has opened up an office on the Fourth Floor, Mukwano Courts, Buganda Road, Kampala.
Whether this is OneCoin itself attempting to establish a corporate presence in Uganda, or an address used by a Ugandan OneCoin affiliate is unclear.
A Google search of the Mukwano Courts address reveals it is in the middle of a shopping mall.
Specifically referencing OneCoin’s business model, the bank warns
the company is still in its formative stages but it is aggressively encouraging members to buy digital money and promising very high returns and rewards on ‘first-come-first-served’ basis.
“First-come-first-served” refers to the use of newly invested funds to pay off existing investors, which is critical in defining OneCoin as a Ponzi scheme.
Along with other cryptocurrencies, BoU warns
whoever wishes to invest their hard earned savings in Cryptocurrency forms such as One-coin, Bitcoin, Ripple, Peercoin, Namecoin, Dogecoin, Litecoin, Bytecoin, Primecoin, Blackcoin or any other forms of Digital Currency is taking a risk in the financial space where there is neither investor protection nor regulatory purview.
The public is hereby warned that whoever deals with “ONE COIN DIGITAL MONEY” does so at his or her own risk.
The public is strongly encouraged to do business transactions with only licensed financial institutions.
Uganda is the second African nation to issue a OneCoin regulatory warning. Nigeria’s SEC issued a similar warning last month.
Multiple European countries have already issued warnings.
OneCoin is currently under investigation by multiple regulatory bodies, the most prominent of which is probably London police.
Despite over a dozen regulatory warnings issued, action against Ruja Ignatova and OneCoin has yet to be taken.
Oz how do you explain that this is adult going on despite warnings from the entire world it seems?
Because Bulgaria doesn’t give a shit. The Bulgarian FSC issued a OneCoin investment warning in 2015, but since then it’s been crickets.
The rest of the world cleaning up Bulgaria’s Ponzi mess is slow progress.
What about onelife dealshaker site launch? how does this fit into the scam picture?
It completely demonetizes Onecoin when combined with the closing of xcoinx, which used to allow small conversions to real money.
Spending OC in DS just moves the problem to the merchant, what can they do with the onecoins they receive for goods (paid for with real money)? Buy the promise paper?
It also gives affiliates bogus stats to waive about “adoption” and will probably allow OC to hit their “merchant” numbers without actually having any merchants..
I’m surprised that they spent as much effort to make the dealshaker site look so legit.
I don’t know if it is functional, should someone care to purchase anything, but it looks cool. Not what I expected…
@Billy
It fits 🙂
dealshaker.com/en/deal/proyector-para-cine-en-casa-android-wifi-bluetooth-1400-lumenes-hdmi-gafas-3d/um5JL3o-lt5Ai8Mohv47zZHVJu2dX-F37SSmZH3L6GU~
Price is 258.88 EUR + 33.40 ONE = 258,88 + 258,85 = 517,73 EUR
Same item on Aliexpress costs ~100 USD… Nice deal 🙂
es.aliexpress.com/item/AUN-Projector-AM01S-1400-Lumens-LED-Projector-Set-in-Android-4-4-WIFI-Bluetooth-Support-Miracast/32732427847.html?spm=2114.43010708.4.5.jpoe91
In other words – it’s just to show whole world that onecoin is a “real abd usable currency” 🙂 Otherwise, it’s a bullsh*t
Presently there are exactly 405 (qty) items listed for sale on the platform amongst >8,000 “Merchants.” So, only 5% of the merchants, maximum, have listed product.
In fact it is quite a bit less than 5% of the “merchants” who are even listing products, as a number of these “merchants” have listed multiple products.
To take it a step further, of an alleged >2 million members, there are in relation only 0.02% products by comparison.
Furthermore, check this out:
SOURCE: dealshaker.com/en/info/terms-and-conditions
There are some other identifications in there which I haven’t wrapped My head around, but WELCOME TO “THE FUTURE OF PAYMENTS!” (please allow up to 4 weeks and 100€ minimums to withdrawal).
OH! One more thing: As we’ve seen plenty of times before, #DealShitter does NOT appear to be a platform which was created “in-house,” but simply some 3rd Party, White-Labeled application Platform which the company had contracted out. Again.
DS falls way short of the 6000 merchants that were promised on the onelife FB page.
So basically the only “merchants” with listed products are OneCoin affiliates running dropship businesses. That sound about right?
I’m tipping the rest of the merchants don’t even know they’ve been signed up (or were bogus companies to begin with).
Anyway from a business standpoint, other than affiliates hoping “to be the next bitcoin” still, I can’t see a legitimate business running on OneCoin. You can’t use OneCoin in the real world to run a business so it’s still useless.
I don’t think that is limited only to merchants. It seems that Ruja just locked up the remaining cash into the Ponzi, as I suspect very few Donkeys have cash account balance exceeding 100 EUR.
(Of which they would need to pay the withdrawal payment anyway. What was it – 30 euros per withdrawal?)
@ Otto
Agreed! With the roll-out of the new DealWanker program, it’s Game, Set and Match for OneCoin investors.
Well played Ruja!
I wonder what Kevin Foster, Tom McMurrain, Sarah McGhee, Ken Labine and the other OneCoin Ponzi Pumpers will say now?
I see that some of them have already moved on (diversify 🙂 to the next Crypto-currency Ponzi Scheme.
Will they finally tell their investors that their money is gone?
Stay tuned!
@Otto – RE: “It seems that Ruja just locked up the remaining cash into the Ponzi, as I suspect very few Donkeys have cash account balance exceeding 100 EUR.
(Of which they would need to pay the withdrawal payment anyway. What was it – 30 euros per withdrawal?)”
So, victims with less than 100€ in cash account must now bring in at least one more victim or so just to take their cash out from behind the new walls which Ruja built!? Brilliant!
@MLM Broken Model – can you connect with me on Twitter for PM? You have some info I need: @ezCoinAccess
It looks like OneLife is redefining itself again. Look at the bottom of today’s press release: sg.finance.yahoo.com/news/dealshaker-launch-set-reshape-e-144600991.html
The OneLife Network is a direct-sales company, which provides access to a diverse portfolio of products and services, that aim to add individual and social value to its members’ lives and grant opportunities for both professional and personal development.
@garden – no comments on link yet? Lol
From Ken Labine FB post:
WOW!!! Even 5 times overpriced projector!!! LOL
dealshaker.com/en/deal/proyector-para-cine-en-casa-android-wifi-bluetooth-1400-lumenes-hdmi-gafas-3d/um5JL3o-lt5Ai8Mohv47zZHVJu2dX-F37SSmZH3L6GU~
es.aliexpress.com/item/AUN-Projector-AM01S-1400-Lumens-LED-Projector-Set-in-Android-4-4-WIFI-Bluetooth-Support-Miracast/32732427847.html?spm=2114.43010708.4.5.jpoe91
So, yahoo finance is also just paid advertisement? Can we believe to somebody any more?
Labine’s “You can hire a private jet with Onecoin!” was the funniest.
😀
Except that you can’t hire a private jet with Onecoin, you just get access to some catalog/brochure of charter jets with 0.2€ + 0.1 scamcoins. 😀
Was Ken dropped when he was a baby or wtf is wrong with him lol.
Great Guys!
Ari Widell, Mike Rowland and Niklas Svensson rating (staring) OneLife/Coin
m.facebook.com/OneLifeOfficial/
Yahoo Finance is a press-release site. Don’t think it’s paid but anyone can upload any garbage they want to it.
#DealShitter Facebook page = poof!
facebook.com/DealShaker/
Two weeks later, but Onecoin’s India bank had now been shut down too:
This was the FORMER banking info before it was, like at least 22 other banks, shut down:
(FORMER) “bank details for online, RTGS and NEFT payments.”
(Copied from when it was announced as a “new option”)
There’s talk in Swedish media today of a “director defector” who’s calling OneCoin out as a swindle.
The publication with the story is behind a paywall unfortunately so not sure of the details.
Sitate from Onelife.
Have you ever had a look at dealshaker. It is all just crap and overpriced. A big bullshit.
DealShaker is a millstone round their neck. Daily statistics on the TOTAL number of deals (daily update around 16:00 GMT):
– Thursday 16-Feb-2017: 409
– Friday 17-Feb-2017: 351
– Saturday 18-Feb-2017: 339
– Sunday 19-Feb-2017: 330
– Monday 20-Feb-2017: 324
These numbes are including Sold Out deals which are still visible and JOKE/FAKE deals like an “ON LINE” service with a price of 0.20 EUR + 0.10 ONE : “Search from the largest global network of private jets with over 7,000 available aircraft.”
The description refers to a website: NOLINK://villiersjets.com/?id=1106.
DealShaker = Total Disaster, Dead On Arrival.
Countdown to System Collapse Target Date: 1 July 2017.
10,000 merchants, 300 voucher deals.
Seems legit.
@Oz
The Swedish media have the same article as the Norwegian Aftenposten,which i have seen posted her.
“director defector” = Nigel Allan….
Ah, what a shame. Allan is hardly a credible source :(.
Hahaa. Allan Scam.
The swedish journalist has been very well updated about OC, so I hope he will write more. I know a lot of sw.coiners are shaky at the moment.