OneCoin warning issued by Luxembourgian financial regulator
In a (very) brief publication, Luxembourg’s Commission de Surveillance du Secteur Financier has issued a warning against OneCoin.
CSSF’s single-sentence warning, issued on August 23rd, reads as follows:
The Commission de Surveillance du Secteur Financier (CSSF) warns the public that the entity named Onecoin Ltd., also present on social media under the name Onecoin Luxembourg, is not supervised by the CSS.
This is in line with regulatory warnings issued by over a dozen other countries, as authorities around the world brace for the inevitable OneCoin collapse.
With no way of tracking investment and recovering funds laundered off to who knows where, authorities outside of Bulgaria and Dubai are limited in victim fund recovery efforts.
Warnings like the above from the CSSF are an attempt to educate investors on the limitations of local authorities.
Not that that will stop the flood of complaints when OneCoin collapses, but I digress.
When contacted by Luxembourgian publication Paperjam, OneCoin claimed it had
never been formally contacted by the CSSF and therefore we do not see a reasonable motivation for this warning.
(We are) always ready to cooperate with all Regulators and institutions around the world in the name of transparency and respecting the laws of each country where the company operates.
Sure. Except perhaps in Italy, India, China and every other jurisdiction warnings against OneCoin have been issued.
Here in the Republic of Trinidad an Tobago the representative of one coin Mr dma who operation also includes Barbados.
These ppl are charging more money for packages an when you question them they say that’s the way it is .. this is fraud.
Message for @Steve (if okay w/ @Oz) – please contact me on Twitter @ezCoinAccess
I’m working on something related and could use your feedback please.
Was this posted already?
Belize International Financial Services Commission (IFSC) issued a second warning on August 25th against OneLife Network Limited.
“All persons concerned are warned to take note and exercise extreme caution.”
^ Correction, August 29th.
The correct hyperlink is: ifsc.gov.bz/onelife-network-limited
The correct date is: 25 August 2017
The first Cease & Desist order was on 29 May 2017: ifsc.gov.bz/one-life-network-limited
^Yes, sorry for the mess up with the link. Thanks for correction.