Luxembourg Regulators Warn Public About OneCoin Ponzi Scheme

Things continue to go from bad to worse for OneCoin. As if the Ponzi scheme had not gotten enough attention from law enforcement officials already, regulators in Luxembourg have also been actively cracking down on this blatant scam. The company got on the regulators’ radar and they subsequently warned the public not to invest in this pyramid scheme. OneCoin is unsupervised in the region and is not supported in any official capacity whatsoever.

Luxembourg Regulators do not Like OneCoin

It is only a matter of time until the fraudulent OneCoin investment program comes to an abrupt halt. With so many active investigations by both regulators and law enforcement agencies, a lot of OneCoin officials must be starting to sweat profusely. If an investigation can confirm that a person is linked to this Ponzi scheme and willingly took advantage of it, he or she may face severe jail time in the future. Right now, the CEO of OneCoin should be thinking twice about what his company is doing exactly and whether or not it is all worth the trouble.

Contrary to what many people still believe, Dr. Ruja Ignatova is no longer the CEO of OneCoin. She stepped down quite some time ago, almost simultaneously to the first official law enforcement investigation related to OneCoin being announced. Fleeing the sinking ship was a smart decision, although she still has a well-documented history with this company. Investigators will gladly take a look at the role she played in defrauding investors over the past few years.

While the recent warning by Luxembourg regulators may fall on deaf ears for the most part, their warning should not be ignored. The Commission de Surveillance du Secteur Financier officially issued a warning on how OneCoin is not supervised, regulated, or approved in any official capacity. This means that anyone in the country investing in this Ponzi scheme finding themselves unable to get their money out will not receive any official help in this regard. However, they could still file a lawsuit against OneCoin and parent company One Life.

Financial regulators all over the world have issued similar warnings on this notorious pyramid scheme. OneCoin has no clear business plan and the origin of its alleged profits remains obscured at every turn. In fact, it seems more and more likely all of those claims regarding the company not making any money other than from new investors’ contributed funds are true. Even though an MLM business structure is perfectly legal, the way this company goes about doing things continues to raise more questions than answers.

Interestingly enough, the OneCoin press team quickly responded to this official warning by mentioning how the CSSF had never contacted the Ponzi scheme. Indeed, it does not see “a reasonable motivation for this warning.” They have a lot of nerve over at OneCoin. One thing they do not have in abundance is legitimate proof of people getting their money out of this MLM scheme other than by purchasing One Life products and services. There is no evidence of their so-called blockchain or non-existent digital currency.

It would be in the best interest of OneCoin to simply shut down and refund all investors. Otherwise, these people will keep irking regulators and law enforcement agencies all over the world. Italian authorities already fined the company 2.59 million euros, but the investigation is far from over. Things will get very ugly real fast for OneCoin and anyone associated with or invested in this program. If it sounds too good to be true, it usually is. OneCoin is a perfect example of how such empty promises need to be avoided at all costs.

  • Andrew

    Jdebunt, can you provide sources for these claims? It seems that you frequently publish negative articles with no credible news source. The Merkle is going downhill.

    • He gets his news from behind idiocy dot com. There are no reliable sources which is why he doesn’t cite any. And no… I am NOT a onecoiner. I wouldn’t touch that deal with a 1000 foot pole.

      The 3rd link in the article points to a one sentence publication which simply states “The Commission de Surveillance du Secteur Financier (CSSF) warns the public that the entity named Onecoin Ltd., also present on social media under the name Onecoin Luxembourg, is not supervised by the CSSF. Luxembourg, 23 August 2017 ”

      There is nothing nefarious nor damning about that.

      The 4th link in the article references Onecoin stating that they have never been contacted by CSSF. So no substance there neither.

      Come back when you have some REAL NEWS to report!

  • Lewis

    As others have mentioned, OneCoin is not a scam, or fake currency. Let’s stop all the lies and slandering.

    • Mark

      And it’s also not a Crypto currency…

  • Matthew

    I find this article funny because it doesn’t provide any sources but makes such big claims. Just another Bitcoin investor’s attempt at devaluing other cryptos for their own financial gain.

    • Mark

      What are you taking about?
      I thought the value of OneCoin only goes up…?

    • Tim Tayshun

      Who’s “jealous” of economic fraud? Sad that victims like yourself allow themselves to be completely brainwashed by scammers with documented Ponzi and criminal histories and who do no level of Due Diligence before shipping your money off to criminals in Bulgaria.

      Your wake-up call is coming very soon.

  • Megan

    If anyone wants more information on how OneCoin’s merchant platform works check out DealShaker. I used it a couple times this week and have already received my items. Soon enough, gas stations and local grocery stores will be accepting OneCoin.

    • Mark

      How do you come to that conclusion?
      And how soon is soon enough?
      And what is the benefit paying with OneCoin?

  • Joshua Cohen

    I’d have to disagree with these warnings. I’ve been an investor in OneCoin for a year now and have made great money. I haven’t experienced any issues!

    • Mark

      You can’t make a profit with OneCoins..
      It’s not tradable…
      Only by selling those overpriced education packs…