For some years now, OneCoin, the pseudo-digital currency has been operating in Belize without hindrance.
However, the global scrutiny and several clampdowns on the scheme has made it another victim of regulation in Belize.
Apart from being a tax haven, Belize is known for a lax financial regulation. This time around, there is a U-turn from the top financial services regulator in the country.
The latest warning issued by International Financial Services Commission of Belize, the country top financial regulator, OneCoin is to ‘cease and desist’ from the country as it has not received the required license from the regulator. See below the warning:
It has come to the notice of the International Financial Services Commission of Belize (IFSC) that an entity calling itself ‘One Life Network Limited’, an International Business Company registered in Belize, is conducting trading without first obtaining the required licence from the IFSC.
This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business.
One Life Network Limited is therefore directed to cease and desist from carrying on with the said unlicensed activities which constitute an offence under the laws of Belize.
All persons concerned are warned to take note and exercise extreme caution.
Many other countries have openly taken actions against OneCoin.
In the case of India, the country has taken a drastic step against the scheme. More than 20 OneCoin promoters and representatives in the country have been arrested with millions of Dollars seized. Authorities also claimed that millions more have been laundered out of the country with no trace of where they were transferred to.
