OneCoin warning issued by Belgium’s FSMA regulator
Belgium’s Financial Services and Markets Authority (FSMA) is one of the country’s top financial regulators, the other being the Bank of Belgium.
As per the FSMA website, the regulator is responsible ‘for the integrity of the financial markets and fair treatment of financial consumers‘ in Belgium.
Earlier today the FSMA issued a warning against OneCoin.
The warning, issued in conjunction with the Bank of Belgium, states that neither OneCoin or their investors are “recognized by the FSMA”.
Certain people have recently been promoting OneCoin, said to be a virtual currency based on cryptography, in Belgium.
The FSMA wishes to warn the public that OneCoin has not received any form of recognition whatsoever from the FSMA.
The same is true of the persons who are promoting OneCoin: they do not hold an authorization or any other form of recognition from the FSMA.
The warning goes on to provide examples of Belgian investors claiming OneCoin has FSMA approval.
Hence the claims made public by Mr Laurent Louis’ on his Facebook page, namely, that the FSMA had stated that it “n’avait rien trouvé à redire sur le OneCoin” (unofficial English translation, “ that it had nothing to say about OneCoin”) and that “pour la FSMA, le OneCoin ne pose aucun problème et n’est nullement illégal ni une arnaque” (unofficial English translation, “for the FSMA, OneCoin does not pose any problems and is neither illegal nor a fraud”) are false and misleading.
These claims suggest or imply that the operations in OneCoin are carried out under conditions laid down by the laws and regulations which the FSMA enforces, whereas in fact these laws and regulations do not apply to such operations.
Generally speaking, there are no specific rules governing virtual money that the FSMA could enforce.
The last line suggests the FSMA have not investigated OneCoin. This is supported by the regulator’s description of OneCoin as a “said to be virtual currency” and claim it hasn’t “formally assessed” the scheme.
The operational reliability (and in particular, the risk of fraud) of such systems has not yet been formally assessed by the regulators.
It is likely that following the FSMA’s warning that further investigation into OneCoin will take place behind the scenes.
If the FSMA conclude OneCoin is a Ponzi scheme, whether any further action is taken remains to be seen.
Another promoter of OneCoin lying. It has to be in their DNA. But since OneCoin is a lie, it’s all they’ve got.
What the hell are the authorities waiting for??????? Shut this scam down now and stop procastinating!
I was just thinking about this today…Assume that I own business and I want to sell merchandise and I am willing to accept OneCoins for payment. How do I do that?
Onecoing would give you some sort of API coding to use for buttons that allow transfer of coins to your account.
Anyone that has been following OneCoin over the past years has seen the pumpers attempt to shift their sales pitch from the Investment angle to that of selling education.
What I find hilarious is that these same con artists keep posting their “year ago Facebook posts” for all to see. This simply makes the job of the regulators easier as they use the “ponzi scheme promoters” own words against them.
For example, one of our favorite scammers re-posted this today:
What obviously stands out is the absence of any reference to the Education Packages. Instead, he promotes the investment side of this ponzi scheme in an attempt to earn his 10% commission on the greed of his friends, family members and social media contacts.
What he thinks was the “best investment of 2015” will become his “worst nightmare of 2016”
This is not going to end well for him or any of the others who continue to promote this obvious ponzi scheme, IMO.
Onecoin is simply hijacking ideas and services which bitcoin has been doing since 2011/2012 to present.
Ridiculous that victims believe they are “innovating.” And problem is that none of it will ever work or carry interest (or legality) in the real world, nor was it intended to.
My question was more philosophical. Does OneCoin have the infrastructure in place for businesses to utilize OneCoins?
Or is the expectation that businesses will have to join OneCoin and exchange OneCoins on the OneCoin exchange so OneCoins never exists outside the OneCoin infrastructure?
What is the OneCoin business model to attract businesses to utilize OneCoins?
The scenario that I see…
Customer- “hey do you accept OneCoins”
Store – “Sure do”
Customer- “ok let me log into my OneCoin account”
Store- “my account is £€££¥¥”
Customer- “could you repeat that? I type slow”
Store- “it’s £€££¥¥. Did you find me?”
Customer- “yes, I am transferring now”
Store- “ok I am going to wait until I receive it in the account”
Store- “let me refresh it one more time to see if it arrived yet”
Store- “nope don’t see it yet. Let’s give it a couple more minutes”
… Meanwhile the other people in line are becoming angry.
I see some fair-minded people asking, “Why it is taking so long for the regulators to shut down OneCoin.”
One possible reason is they are going to make “an example” out of OneCoin, the investors and promoters.
Like everyone else, the regulators see the proliferation of these Cryptocurrency Ponzi Schemes (WowCoin, SwissCoin, PipCoin etc) and understand that something needs to be done ASAP.
However, the regulators will not announce their legal action until their case against OneCoin is ironclad and easily proven in the court of law.
Thanks to sites like BehindMLM and people like TimTayshun for helping us all prove the case again OneCoin in the court of public opinion.
Thank you for the compliment, but Oz and even those commenting here have done a lot more than me to fight scams for a lot longer (I would stick my head in the oven if i had to exercise the kind of patience to finally see justice prevail, after so much continued devastation, time and time again).
So, the credit goes to you guys. Onecoin hit a nerve with me being the pseudo-cryptocurrency scam which it is, and which I’ve seen to a MUCH lesser extent in the rather microcosmic crypto space which I love. I would not even know of Seek Rewards if Onecoin didn’t lead me both HERE and abroad!
I agree that maybe THIS case will (hopefully) set some kind of precedence.
The Bitcoin and cryptocurrency community and media are FINALLY taking an active roll in following and reporting on Onecoin (and now, even more crypto scams, it seems), in a true effort to actively eradicate bad players.
I see, notice and feel that he crypto community is on the verge of networking or resources to more actively combat this progression of “bad players,” as we are collectively realizing the reality of this trend.
I have faith [not fear 😉 haha] that such unscrupulous scammers will experience strengthening scrutiny, as we realize the adverse effects on both public perception and regulatory burden related to cc, as a consequence of the whole.
Thanks again to you all.
Newspaper Advert for OC Meet in Florida: imgur.com/cKAWosd
One Coin Ponzi Miami Sales ‘Seminar’ Disrupted by Junseth and DeRose: youtube.com/watch?v=BeyrR2JGLUs
They OBVIOUSLY are focusing on the sales of “education!” Lol
MORE TO COME FROM THE “INSIDE” – 😉
Thanks for the heads up Tim. That was definitely not a pitch for “education packages”.
With the new annoucementof of 120 billions Onecoins Total supply. Onecoin is dead. That is now a mere 0.5% coins mined until now.
Firstly the Coin will no go public before 2020-2025. Enough time to scam 8 Millions more people to join this Ponzi scheme.
Onecoin claims to sell ” crypto education “but the facts is they are only selling “lack of knowledge”.
The value of the coin is zero, the onecoin’s price is zero. how can they tell to their members that one coin is worth 5 euros (right now). It’s a total nonsense.
As soon as the onecoin hit the public market (probably by 2020 6 2025) most onecoin owners will dumb their coins on the crypto exchange platforms.
There are almost 2 millions accounts created but most of them are inactive. The onecoin community is not as large as they claim.
Hundreds thousands people who have absolutely no clue about crypto , crypto trading, ecommerce and commerce benefit.
ALIBABA AMAZON EBAY are they intérested in onecoin ? Answer is NO … there are 300K other shopping sites over there. Who cares.
Do you believe Onecoin investors will really do shopping to support the rise of the onecoin price. they are not targeted customers.
Do you think investors will hold their coins if they own millions of coins. Most of the members, they are ready to sell as fast as possible.
That’s why no matter what the onecoin’s price will never be above $0,001 USD. if eventually the onecoin has a real value in the future, the day it will go public, the price will drop like water and vanish in thin air.
In the next 5-10 years anyone can buy or trade onecoins without being a member today. All you have to do is presssing the BUY button at whatever price you want: $0.00001 USD $0.000001 USD. Game is over …
Why would someone pay thousands of dollars to get a few tokens in exchange of the premium crypto education that can’t teach you what will happen when the onecoin will go public.
1 onecoin = 6 euros ( are you kidding me ????? ) What a joke!
More exciting news !?!?
I have a rookie account but I couldn’t find this e-mail anywhere in my mailbox. Maybe it was posted just to their paying customers?
why are ‘announcements’ coming out of the US?
btw, laurent louis is a former member of the Belgian Chamber of Representatives during 2010-2014.
since he is a high profile politician involved in onecoin, he may have helped draw the attention of the FSMA.
today, the media outlet Nord Presse of belgium has an article about laurent loius and his onecoin shenanigans :
nordpresse.be/vraie-info-laurent-louis-va-finir-prison-a-cause-de-nouvelle-arnaque/