Latvia issues second OneCoin pyramid scheme warning
Back in March Latvia’s Financial and Capital Market Commission (FCMC) issued a regulatory warning against OneCoin.
Claiming OneCoin was “modeled on pyramid scheme principles” and unlicensed, the FCMC warned soliciting investment into OneCoin was a criminal offense.
At the time it was uncertain whether the FCMC would take any further action against OneCoin or local affiliates.
Nine months later they haven’t yet, however a few days ago the regulator did issue another warning.
Published December 8th, the new FCMC press-release reaffirms their March warning.
(The) Financial and Capital Market Commission (FCMC) repeatedly warns against involvement in the OneCoin business scheme which, at the discretion of the FCMC, is modeled after financial pyramid principles.
OneCoin remains an unlicensed business in Latvia, with solicitation of investment a criminal offense.
Clearly there’s still a problem with OneCoin in Latvia, however who will take things further is unclear.
The FCMC claim they
only monitor only licensed operators who have received the appropriate license for the deposit or investment attraction.
Only to those service providers customers protected by the state – both as consumers and as depositors.
They’re obviously watching OneCoin though, as evidenced by their two warnings.
Presumably if the FCMC are unable to take further action against local promotion of OneCoin, then it falls to the police or an enforcement regulator.
The FCMC’s own investigation will play a part in that, however as at the time of publication no further regulatory action has been announced.
Latvia meanwhile doesn’t appear to be a primary market for OneCoin promotion.
The last post on the “OneCoin Latvia” Facebook page is dated October, 2015. Latvia is also not a major source of traffic to either the OneCoin or OneLife domains.
If I’m not mistaken this may be a 3rd warning?
ptac.gov.lv/lv/news/finansu-un-kapitala-tirgus-komisija-atkartoti-bridina-par-onecoin-sniegtajiem-pakalpojumiem
^ In fact, it is a warning from the Consumer Rights Protection Centre, which refers to the second warning on the Financial and Capital Market Commission.
However, we can say, this is one more warning from another institution.
Thanks for that Tim. This one is from Latvia’s Consumer Protection Ministry. I’ll publish a writeup shortly.