OneCoin @ BehindMLM

Peru has grouped some of the top MLM Ponzi schemes doing the rounds and issued a collective consumer warning. The warning was issued on September 9th by Superintendencia De Banca, Seguros & AFP (SBS), Peru’s top financial regulator.

Up until recently BehindMLM was aware of and reported on two separate arrests of Chinese OneCoin affiliates. The first arrests took place in April, 2016, around the time OneCoin intended to hold a “grand ceremony” event in Harbin (north China). The event was quietly dropped following a raid on a OneCoin promotional event in Guandong [Continue reading…]

A year ago Poland’s Ministry of Justice received a public enquiry regarding OneCoin. The enquiry sought to establish whether OneCoin was potentially beaching Polish banking laws. A subsequent investigation into OneCoin by the National Prosecutor’s Office uncovered potential breaches of “unfair market practices”. The investigation findings were forwarded to the Office of Competition and Consumer [Continue reading…]

In what appears to be a response to the State Bank of Pakistan and Federal Investigation Agency announcing a crackdown on OneCoin, affiliates in Pakistan are claiming OneCoin has registered with the Pakistani SEC. Just one small problem though… it hasn’t.

Early last year Chinese authorities in Guandong arrested three top Chinese OneCoin affiliates. The arrests eventually lead to the recovery of $45.7 million dollars in stolen funds. In what appears to be a related investigation north of Guandong in Hunan province, thirty-five OneCoin affiliates were recently arrested.

In the wake of declining affiliate recruitment and continued silence from OneCoin management, Muhammad Zafar and his troop of top UK OneCoin investors descended on Sofia, Bulgaria for answers. OneCoin founder Ruja Ignatova wasn’t there to meet them. Upon learning top investors were coming to Bulgaria to demand answers, Ignatova fled the country. Explains Zafar; [Continue reading…]

Earlier this week the Chinese government announced it was banning Initial Coin Offerings (ICOs). The move is understandable as, while some might be legit, by and large cryptocurrency ICOs were and continue to be a front for financial fraud. Those running them make promises based on nothing and gullible investors hand over their money (pumping [Continue reading…]

In what appears to be a followup to their initial warning back in March, Belize’s International Financial Services Commission has issued a second warning against OneCoin.

In a (very) brief publication, Luxembourg’s Commission de Surveillance du Secteur Financier has issued a warning against OneCoin.

Specifics are sketchy at this stage, but on August 24th Pakistan’s City42 news reported a government crackdown on OneCoin. City42’s report was picked up by the Pakistan blog Tech Juice, who provided a more English-friendly version of the announcement.