Why Onecoin and Bitcoin Appear On Same Warning List, Again
Recently, the Bank of Uganda has warned citizens against investing in cryptocurrencies, putting Onecoin and Bitcoin in the same trash buсket. What is behind the positions of governments of developing countries like Uganda and Nigeria? Before Uganda, such warnings have come out of some other developing countries like Nigeria. So today in Nigeria a lot of individuals now take extra care when making transactions in local banks for Bitcoin-related products or services. Users most often clearly advise depositors not to include such in the description of the purpose of a transaction, so as to....
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A top financial regulator in Belgium has issued a warning about OneCoin, a digital currency product that has frequently drawn fraud accusations. The notice, published this weekend, states that remarks from promoters that OneCoin has received the institution's tacit approval are "false and misleading". Despite the claims, the Financial Services and Markets Authority (FSMA) said that it had no regulatory powers to speak of in relation to digital currencies, and the note itself constitutes little more than a warning about getting involved with products like OneCoin. The notice....
OneCoin has issued a response to the recent warning issued by the Financial Conduct Authority of UK, following an investigation into the digital currency by the London City Police. The recent warning issued by the Financial Conduct Authority of the United Kingdom against OneCoin has elicited a response from the company. OneCoin Limited, the company responsible for operating and maintaining the centralized digital currency has expressed its disappointment with the recent developments. The company in its latest release states that the FCA has issued the warning without enquiring with the....
The Bank of Uganda (BoU) joins a long list of authorities around the world warning its citizens about Onecoin, the altcoin scheme prominently seen as a scam. In a public notice to that serves as a “warning to the general public”, Uganda’s central bank explicitly states that the entity “One Coin Digital Money” is an unlicensed entity while plainly revealing the establishment’s whereabouts in Kampala, the country’s capital. Unlike prominent cryptocurrencies, OneCoin is not based on a public ledger and its very claim of a cryptocurrency is questionable considering its centralized....
The Securities and Exchange Commission in Nigeria has issued a public notice in which caution is advised with regards to ‘cryptocurrency’ investments. WARNING: Cryptocurrencies Ahead. The Securities and Exchange Commission in Nigeria has issued a warning regarding investing in Bitcoin, Swisscoin, and Onecoin. The public notice seeks to alert the public regarding the risk posed by cryptocurrencies following solicitations of the public to invest. The notice reads: The attention of the Securities and Exchange Commission […] has been drawn to radio advertisements and other modes of....
The Financial Conduct Authority, citing an investigation by the City of London Police, has issued an official warning, urging users to be wary of trading with the altcoin, OneCoin. In an official warning published yesterday, the Financial Conduct Authority in London has sought to inform users against the trading of OneCoin. The altcoin, which is notably based on a centralized system unlike other cryptocurrencies like Bitcoin, Ether or Monero, has frequently seen accusations of being a pyramid-scheme in the past. The FCA warning read: We believe consumers should be wary of dealing with....