Regulator confirms OneCoin is fraudulent as per Chinese law
Last we checked in on the status of OneCoin in China, police in Guandong had arrested local OneCoin affiliates and seized $45.7 million dollars.
It is believed the Guandong investigation is ongoing but, other than OneCoin opening a bank account in Hong Kong last week, there’s been no OneCoin news out of China since.
Now a recently surfaced report, published on Ku6 nine months ago, reaffirms that OneCoin was and is still very much illegal in China.
According to the report, a local man surnamed Li got in touch with the reporter who filed the story.
Li claimed his father had been scammed by OneCoin. As part of the reporters efforts to investigate OneCoin, he contacted a local promotional office in Xin Mi (维卡币国际金融理财 新秘办事处, lit translation: “OneCoin International Finance Xin Mi bureau”).
There the reporter was pitched on OneCoin as an investment opportunity:
Further research lead the reporter to contact a local bank, enquiring about the status of OneCoin as a currency.
An employee from the bank told the reporter
[3:04] OneCoin is not registered in our system (as a currency that) can be circulated in the market. It cannot be exchanged.
This matched up with a circular from the Chinese government, which stated that
financial institutions and payment organizations cannot do business with bitcoin or relevant associated businesses (involved in cryptocurrency).
Seeking further clarification on the legal status of OneCoin in China, the reporter then called the Zhengzhou Administration for Industry and Commerce.
A representative from the regulator’s office told the reporter:
[3:35] These (virtual coin opportunities) only ask people to put money in with no actual stuff (being bought or sold).
That is a fraudulent action, it is not just a simple promotional scheme.
The laws in China regarding cryptocurrency have not changed since the report was filed nine months ago.
Despite Chinese regulators confirming OneCoin is illegal in China, OneCoin conducting banking in Hong Kong via shell companies, local Chinese OneCoin affiliates being arrested and millions of dollars seized, Alexa estimate China remains the largest source of traffic to OneCoin’s OneLife website (11.9%).
At a meeting in Bangkok earlier this year, OneCoin’s newly appointed CEO Pablo Munoz told top investors “China is the most important market for OneCoin”.
OneCoin’s public social media profiles are currently flooded with angry affiliates complaining of withdrawal problems. The company’s internal points exchange has been down for nearly two weeks.
in all probability onecoin has not got a license for ‘direct sales’ in china [MLM is banned].
since MLM is legal in taiwan and hong kong, the chinese participate in illegal MLM opportunities by using addresses based in taiwan and hong kong.
onecoin may be using this same modus operandi. this makes it difficult for chinese regulators to crack down on such schemes.
since pablo munoz is now CEO of onelife and believes that china has vast potential for growth, he should visit china. it is only natural that the CEO of the world’s largest cryptocurrency to personally visit it’s largest market and encourage it’s affiliates there.
i’m sure he will be releasing his china itinerary soon! no?
Video uploaded to my channel: youtu.be/uIT43ATNv9k
BTW, OneCoin in Chinese is pronounced ‘Wei Ka Be’.
News released on Jun 15th by People’s Procuratorate of Zhongshan, Guangdong Province.
zhongshan.jcy.gov.cn/main/view/index.action?did=5&id=6146
^^ If I’m understanding that correctly, the Guandong arrests from earlier in the year were “approved”?
I take it that means those arrested will be prosecuted (or equivalent)?
Mates…I have noted this being a big PHAT Ponzi dump load since day one.. in fact I even told the great Bobby Wood (Bob Wood from GCR) that it was when we first started our affair back a year ago.
This is a crazy Gorilla Dance now and the Bananas seem to be falling from the trees. Not surprised mates.
Jolly oh..
@Oz
A suspect shall be prosecuted before being arrested. I think what Guangdong Police did in March was just to capture and seize those guys so that People’s Procuratorate could make further prosecution.
On which Monday will the Exchange be operationel?
m.facebook.com/photo.php?fbid=10208659244573453&id=1080725335&set=p.10208659244573453&source=47
From Whistle Blower (via PM):
BAH HAHAHAHAHAHA!!
*Blockchain is BROKEN!
Xcoinx still down!
OneCoin on its way to being worth NoCoin.
Latest news from OneCoin – now they claim 10,000 merchants from SiteTalk network will accept them. See video: youtu.be/wbqJGzmCrk0
I doubt if it will ever happen.
SiteTalk flopped so spectacularly that OPN collapsed as a result.
Why would there even be any legitimate merchants left in SiteTalk?
Have you seen the mess that is onesitetalk.com?
That’s going to confuse the hell out of the cultists…
Actually, I haven’t anywhere seen that OneLife/OneCoin officially says that OneSiteTalk merchants will accept OneCoin.
The video your linked has the topic written by a OneCoin member, but it is not official.
I bet there is a lot of confusion and hoping among the onecoiners, but what OneLife has said is, that the OneSiteTalk members will have access to the same merchant pool of SiteTalk which give people discounts and cashbacks. However, nothing has been said officially about actually PAYING with OneCoin.
I have seen Joby Boughey claiming on his website that Ebay, Alibaba, AliExpress and 7000 other merchants will start accepting OneCoin, but this is highly unlikely, and this is NOT what OneLife/OneCoin has actually said officially.
I believe OneLife just doesn’t make it very clear on purpose. And Joby Boughey is probably just being Joby Boughey, that is either stupid or lying.
Below is a link and quote from Boughey’s The Crypto Pro’s Ezine site: thecryptoproezine.com/2016/10/08/bangkok-update/
You can see the broken blockchain more clearly here: onecoin.eu/tech/
Oh my, they just announced a supreme package for 188,000 Euros. Some poor fools are going to lose a lot of money.
We did some counting at MuroBBS and the Supreme Trader gives 1,888,888 tokens and seven splits (of which one is a super split). That implies ROI at 10,000% to 25,500% (or 100x to 255x if you wish), depending on how soon the package will go to “mining” (which so far has not been disclosed).
Well of course the ROI is assuming the “investor” could sell his/her OneCoins after “mining” for the price set by OneCoin AND that the “value” of coin does not change. If the “value” of OneCoin goes up (and it always does), the return is even GREATER.
How this does not ring alarm bells on people is beyond me. A promised yearly return of 10% is suspicious. 10,000% in less than a year is just plain flat ridiculous.
Is here any people from London?
Joby Boughey is in ecstasy because now some Indian restaurant in Ilford claims to accept OneCoin. lol.
We have seen these OneCoin stickers since the summer, but for some reason nobody has shown the actual payment process (what a surprise).
Somebody should go there to ask how to pay with OneCoin, preferably taking the whole thing on video.
facebook.com/OnelifeGlobalUK/photos/a.379761722413070.1073741828.379689975753578/379761585746417/?type=3
Impressing list…
Ari Widell has gather info about all the Bankaccounts OneCoin have lost kusetukset.blogspot.se/2016/10/onecoins-frozen-bank-accounts-listed.html?m=1
Somebody from London area should go see if the Onecoin-placard is even on the window of the Ilford Spice Village anymore.
Ilford Spice Village website says that only cash is allowed…
spicevillage.co.uk/restaurants/ilford/payment-modes
Yeah it’s pretty easy to put some OneCoin logo on a window and take a photo, like has been happening during the summer.
Another thing is the actual payment, but who cares about that, when we have a picture of some OneCoin logo on a window which can be put on Facebook and hype it, WHOOP WHOOP!
@whistleblowerfinn
As just posted in another thread, some of these locations/ “OC accepted” images seem curiously suspect.
Onecoins is changing other system… As we guess that must be.
Say what?
Snowingland – tell us more, please.