For the umpteenth time, OneCoin is gathering bad PR again. The top financial regulator in Belize, International Financial Services Commission, IFSC, has alerted local traders to stay away from OneCoin and its marketing arm.
For those who are not familiar with OneCoin, it is a Ponzi scheme disguised as a genuine digital currency but has no correlation with an actual cryptocurrency such as Bitcoin or Ethereum.
OneCoin is not a cryptocurrency because they sell what they call marketing packages which are then exchanged in return for OneCoin tokens, a pseudo-digital currency that is pretty-much useless outside of the OneCoin circles. Investors are also promised the opportunity of using the OneCoin tokens to purchase products and services on a self-styled eCommerce site called DealShaker. There are no proofs that people are actually buying actual products on the site.
The International Financial Services Commission of Belize said”
OneLife Network Limited, an International Business Company registered in Belize, is not licensed by the International Financial Services Commission (IFSC) or any other competent authority in Belize to conduct any of the International Financial Services in or from Belize specified under the International Financial Services Commission (Licensing) Regulations, 2007.
All persons concerned are warned to take note and exercise extreme caution.
This is not the first time OneCoin will be getting a scam alert on its operations and claims. Virtually every organised and even developing financial markets and jurisdiction have either placed an outright ban on the operations of OneCoin, One Life Network Services (its multi-level marketing arm) or full scale clamp down on its affiliates.