OneCoin a pyramid scheme in Sweden, reported to police
Earlier this week Sweden’s Gaming Board announced the conclusion of an ongoing investigation into OneCoin.
For those unfamiliar with the regulatory body, Sweden’s Gaming Board are responsible for investigation violations of Sweden’s Lotteries Act.
In an official notice published on the regulator’s Lotteri Inspektionen website, the Swedish Gaming Board have declared OneCoin to be “a chain letter game or similar”.
Chain letter games are more commonly known today as pyramid schemes.
Whether or not the Gaming Board factored in the Ponzi nature of OneCoin is unclear. The Gaming Board found OneCoin affiliate earnings were based on ‘recruiting new participants to increase participants’ profits.‘
The Gaming Board’s findings were first published on the 22nd of January, with an official notice published to Lotteri Inspektionen on January 27th.
As of the 27th the Gaming Board have reported OneCoin to police for organizing a chain letter game, which is a breach of Sweden’s Lotteries Act.