After a conclusion of its preliminary investigation, Italy Antitrust and Consumer Protection Authority (AGCM) has placed a total ban on OneCoin and its affiliate program.
As its stands, OneCoin and or its affiliate in the OneLife Network Services will not be able to promote the scheme in Italy.
See below the verdict of the of the AGCM:
SALES PYRAMID: ANTITRUST SUSPEND PROMOTION CRIPTOMONETA ONECOIN BY ONE LIFE
The Antitrust Authority, after extending the company’s One Life Network Ltd. and Easy Life srl proceedings in relation to the promotion of criptomoneta OneCoin, ordered the precautionary suspension of the above activities by the One Life companies. Easy Life srl He has instead announced that it had proceeded to the interruption of the practice.
In fact, the information gained also the two professionals in question would be involved in the promotion of the purchase and distribution of criptomoneta OneCoin and packet-training related to it
On this point the Authority had in fact initiated proceedings against One Network Services Ltd. and three individuals in their capacity as registrants promotional sites onecoinsuedtirol.it, onecoinitaliaofficial.it, onecoinitalia.com. (Cfr. Communiqué of 30 December 2016) and arranged for them to suspend activities related to the promotion of that criptomoneta. In fact, the bulk of the revenues achieved the activity promoted by professionals derives not so much from the purchase of virtual currency OneCoin but rather by the payment of fees that consumers are requested to bear in the accession to the system, which in time to reach the goal of profit, appear to be required to recruit other consumers. These arrangements appear attributable to the typical dynamics of pyramid schemes.
In the collection of the elements that led to the extension of the procedure the subjective Agcm availed itself of the precious collaboration of the Special Unit of the Financial Police Antitrust.
The road ahead is getting tougher for owners of OneCoin. Many other countries have either issued a total ban on OneCoin or raised a fraud alert to its investing publics and consumers.
See the list of countries that have banned or issued fraud alerts on OneCoin:
- Nigerian SEC issues fraud alert on Bitcoin, Onecoin investments
- Italy bans the promotion of OneCoin
- Bank of Uganda issues fraud alert on OneCoin
- Slovenian consumer agency issues scam alert on Onecoin
- Another German agency issues fraud alert on OneCoin
- Bank of Hungary shades OneCoin, calls it a pyramid scheme
Many banks have stopped accepting cards and payments on behalf of OneCoin. There are allegations that owners of the scheme are using money laundering tactics to get around sanctions and bans placed on the scheme.
One of the suspicious development was discovered last weekend, we reported that Dr. Ruja Ignatova, the founder of the scheme has sold its Bulgarian headquarters for USD22 million.