Consumer Watchdog in Italy Moves Against OneCoin Investment Scheme
Regulators in Italy have moved to suspend the operations of several affiliates of OneCoin, the digital currency investment scheme widely accused of being fraudulent. Late last month, the Italian Antitrust Authority, a quasi-autonomous non-governmental organization that focuses on consumer protection, said that it had ordered the "precautionary suspension" of the efforts, led by three unnamed individuals. The Antitrust Authority is funded by Italy’s Ministry of Economic Development. The Antitrust Authority said that its investigation of OneCoin – which accelerated in December with....
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The clampdown on OneCoin has intensified as Germany and Hungary initiate fresh moves to bring down the investment scheme that is widely believed to be fraudulent. The claims of OneCoin. Taking advantage of the early stages of development of digital currencies, OneCoin is widely believed to have built a very large community of followers by making bogus promises of return on investment. With its claims of becoming the next big thing on the Internet and becoming the biggest cryptocurrency, with specific reference to conquering Bitcoin, followers of OneCoin have invested huge sums of money....
The Antitrust authority in Italy has suspended the activities of OneCoin in the country for following pyramid scheme-like practices. OneCoin, the controversial altcoin of recent times has been suspended from operating in Italy. The Italian Antitrust Authority — Autorita Garante Della Concorrenza e Del Mercato (AGCM) in a recent release has stated that its actions are part of a precautionary measure against the potential pyramid sales scheme followed by OneCoin. Earlier this year, the digital currency operated and managed by OneCoin Limited was under investigation by the Financial Conduct....
Belgium has issued a formal warning against OneCoin, the suspected ponzi scheme, which has already received criticism from throughout the cryptocurrency community. OneCoin Claims ‘False,’ Says Belgium Watchdog. In a release Friday, the country’s Financial Services and Markets Authority (FSMA) stated that neither OneCoin nor its promoters “have been....
On October 1, OneCoin, a self-declared cryptocurrency and trading venture based out of Bulgaria, has announced at a conference in Bangkok, Thailand that it switches to the “new Blockchain”, “transferring coins” from the old one to the new one. OneCoin has been in focus of Cointelegraph for some time. Recently the authorities of the UK and Sweden has warned investors that OneCoin is suspected to be a pyramid scheme with no verifiable evidence to back up any of its business claims. According to Tim Tayshun, CEO of Ezcoin, OneCoin is pure fraud and deception. He gave Cointelegraph his version....
A Chinese man who spent 23 years in jail for a murder he never committed has lost one million yuan ($145,000) of his compensation money to OneCoin that many believe is a Ponzi scheme. In a poignant example of how a lack of education makes lay consumers easy prey for OneCoin, Chen Man only realized he had been involved in a pyramid scheme after his lawyer became suspicious. “Most people are not familiar with this area, so, in this new field, I could perhaps stand on the same starting line as everyone else,” Sixth Tone quotes Man as saying. “I’ve been disconnected from society for too long.”....