OneCoin @ BehindMLM

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.

Finnish authorities were among the first to announce a police investigation into OneCoin. Unfortunately that investigation focused on whether or not OneCoin was a legitimate cryptocurrency. That saw the investigation stall when became apparent Finnish authorities had no way to verify if OneCoin had a cryptocurrency. That was a year and a half ago, with [Continue reading…]

When Italy’s Antitrust and Consumer Protection Authority (AGCM) banned promotion of OneCoin last year, OneCoin responded with pseudo-compliance nonsense. Not surprisingly, the AGCM took no notice and pressed ahead with their investigation. Eventually declaring OneCoin to be a “deceitful Ponzi scheme”, banning the company outright and last week, slapping it with a €2.5 million euro fine. [Continue reading…]