OneCoin Meets Brick Wall, UnionPay Cards Disabled, Banned From Exchanges

OneCoin Meets Brick Wall, UnionPay Cards Disabled, Banned From Exchanges

If you are a OneCoin affiliate and you cannot use you UnionPay card, then it might be true after all that OneCoin is facing a banking and credibility crisis.

OneCoin, is a cryptocurrency MLM scam getting huge popularity across China, Africa and even Nigeria is facing the toughest time since the Bitcoin clone was founded.

Before now OneCoin relied on UnionPay cards for its members to withdraw actual currencies. The UnionPay cards are very popular with OneCoin affiliates and members in China and other part of the world.

However, ever since OneCoin faced intense scrutiny for its in-authenticity and status as a MLM cryptocurrency, UnionPay has now disabled all its cards in the hands of OneCoin affiliates.

To add to the troubles of OneCoin, its hope of being listed on a public exchange for cryptocurrencies has also been dashed. OneCoin has been exposed that its owns xCoinX.

After its failed attempts to legitimise xCoinX, OneCoin had hoped it will be listed on RevEX. RevEX was reported to have given OneCoin the benefit of the doubt. It called for a public vote. The platform opened up it platform for people to vote for any cryptocurrency they want listed on RevEX.

After OneCoin and xCoinX where accused of rigging the vote, RevEX announced that “OneCoin & xCoinx won’t be listed on RevEX – We only support real and transparent cryptocurrencies and exchanges!”

OneCoin has come under serious criticism from big names in cryptocurrency community. One of the most prominent among them is the former Bitcoin Foundation director Bruce Fenton. He complained that OneCoin is “harmful to the public but also to this technology.”

Fenton further explained to Bitcoin News that “’m an opponent of new regulations governing cryptocurrency and blockchain tech.  Often these regs are made by using consumer losses as an excuse.  In truth we have many regulations already that prevent theft, hacking and fraud.  I’d like to encourage authorities to spend efforts prosecuting existing bad behavior rather than passing new regulations which burden honest businesses.”

Apart from its UnionPay ‘blockade’ another major tragedy that has hit OneCoin is the lost of Bank for Africa as its payment partner. After many years, OneCoin had relied on Bank for Africa to process its wire transfers.

It is unclear how OneCoin will handle transfers amongst it affiliates going forward.