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Malta MFSA OneCoin Warning: OneCoin CryptoCurrency or MLM?
20/04/2017
Malta MFSA OneCoin Warning: OneCoin CryptoCurrency or MLM?

Malta MFSA OneCoin Warning follows recent OneCoin German Partner IMS BaFIN ban. What is going on with OneCoin? Is it safe to trade with this cryptocurrency?

20 March, AtoZForex  The Virtual Currency OneCoin has been under the spotlight of various financial regulators since the last year. Following the German BaFIN imposing ban on OneCoin partner recently, the Malta’s MFSA Communications Unit issues a warning against the digital currency.

Malta MFSA OneCoin Warning

The Malta Financial Services Authority (MFSA) recently caught its eyes on the virtual currency OneCoin website (www.onecoin.eu) and a Facebook page “OneCoin Malta”. According to the Maltese watchdog, the company is promoting a virtual currency OneCoin in Malta without MFSA’s authorization. Moreover, they offer a wide range of services that include the opportunities to invest in, trade, mine, use, and benefit from the value of OneCoin.

Furthermore, the financial regulator warns the Maltese citizens that OneCoin is not a currency issued by any Central Bank or any other public authority. Also, the OneCoin promoters do not hold any legal license or regulation from the MFSA to do so. The watchdog red flags the cryptocurrency OneCoin, thus showing the concern about the risks that it poses to the consumers. Therefore, MFSA highly recommends exercising extreme caution when dealing in OneCoin.

The MFSA further advises being sure that the entity with whom they are dealing is authorized by the MFSA and/or any other regulatory authority. However, the consumer should double check before making any decision for the investment or entering into any financial services transaction. Read below the original Malta MFSA OneCoin Warning.

Previous Warnings against OneCoin

The OneCoin Limited is a group of companies distributing virtual value units under the brand “OneCoin”. Moreover, it is a multi-level marketing system operating through different affiliated entities around the world. Recently, the Germany’s financial regulatory authority BaFIN has banned OneCoin German Partner IMS International Marketing Services GmbH.

IMS International Marketing Services was OneCoin’s affiliate within Germany. As per BaFIN, OneCoin IMS had engaged in money transfer operations on behalf of various OneCoin affiliated entities with the aim of gathering and forwarding investor funds. Even though such activity is not illegal in Germany, it requires a license by law. OneCoin German Partner IMS was not having the necessary license and therefore was banned by the BaFIN.

Dating back to September 2016, the UK Financial Conduct Authority (FCA) issued a warning against OneCoin. However, the UK watchdog blacklisted OneCoin for not being authorized by the FCA to provide their services in the UK.

Furthermore, the Belgium Financial Services and Markets Authority (FSMA) warned the investors against OneCoin back in July 2016. The FSMA red flagged OneCoin stating that the persons promoting OneCoin are neither regulated nor authorized by the FSMA.

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