Net Closes Around Onecoin Scam as German Payment Processor has Assets Frozen by BaFin

It is anything but surprising to learn Germany’s Federal Financial Supervisory Authority is cracking down on Onecoin and its partners. Ponzi schemes such as Onecoin need to be brought to a halt sooner rather than later. BaFin is taking a special interest in IMS International market Services GmbH, which is an alleged partner of this notorious scam.

Even More Legal Trouble For Onecoin

It is good to see local law enforcements and financial watchdogs take a keen interest in Onecoin and any of its partners. Scamming consumers out of hard-earned money by tricking them into believing Onecoin is a legitimate investment scheme is despicable, to say the least. The notorious Ponzi scheme should have been brought to its knees years ago, but it looks like things are finally heading in the right direction.

BaFin published a severe statement a few days ago, which leaves very little to the imagination. The financial watchdog successfully froze all assets belonging to IMS GmBH, a German company that has very close ties to Onecoin’s German department. It appears the company is involved in money transfer operations related to Onecoin activity, thus making them guilty by association. Any company processing payments on behalf of Onecoin should be held liable for their actions.

To be more specific, IMS is responsible for facilitating the “purchase” of Onecoins on behalf of German residents. The company provides a payment gateway that converts traditional payment methods into Onecoin, even though the latter is not a currency that actually exists. Most people should be well aware by now there is no Onecoin currency, as the platform merely updates SQL databases with random numbers at specific intervals.

Moreover, it appears IMS is found guilty of forwarding the collected funds to entities not presiding in Germany itself. It is a bit unclear which countries are of interest to BaFin in this regard, but since the funds come from German consumers, it is in the institution’s best interest to keep tabs on where the money is going to. Such activities qualify as official money transfer business which requires specific licensing requirements. It appears the company does not have the required license at this stage.

It appears IMS has gotten away with their practices for quite some time now, although BaFin remained rather vague on that front. It is evident the company has piqued their interest at some point, and the institution was ready to fine them for 1.5 million Euros if the company had continued its day-to-day operations. No company in the financial sector wants to be associated with Onecoin, as it will only drag their own reputation down the drain.

This is yet another nail in the coffin for the sinking ship that is Onecoin. The pyramid scheme is slowly but surely starting to unravel. Cutting off payment gateways linked to this scam will eventually force it to collapse. Unfortunately, that also means a lot of investors will lose all of their money. It will be a very tough pill to swallow, but Onecoin is not what investors hope it is by any means.

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  • D Janardana

    One coin is great

    • If it walks like a Duck and talks like a Duck, ask your self, is it a Duck?

    • Tim Tayshun

      Of course it is.
      …If you’re one of the top scammers with no moral backbone and would steal from your own family.
      For everyone else, like you, it sucks. You just don’t know it yet.

      Sorry for your losses.

  • Stanley Walker

    “No company in the financial sector wants to be associated with Onecoin, as it will only drag their own reputation down the drain.”

  • It is good to see the rope tighten on this scam.

  • I learn about Bitcoin from Onecoin and I think if all OneCoin people came to Bitcoin they can make up for they’re loss, OneCoin people don’t give up keep your head up. It is not to late get a Bitcoin wallet, Wealtcome to the real Blockchain!

    • Peter Walsh

      Everywhere i look morons trying to gain trust from one coin investors to join bitcoin . i feel these are{ scare tactics from bitcoin{ .its a classic move when others are more or can be more powerful . remember ppl ONE COIN is the only KYC crypto currency and now all governments are persuing for the implementation of KYC for all crypto currencies. ONE COIN is at the fore. of this innovation.

  • WILSON

    Keep castigating Onecoin and continue to confuse people with your nonsensical write-ups, all I know is time will tell and like the common saying, water will find its level. In 2009 many people like you said Bitcoin was a scam the way you are doing with Onecoin, but today the castigators have gone into Oblivion. The same way you will go into Oblivion when Onecoin hit the market. I don’t know why you are such a bitter soul. The more you castigate Onecoin, the more Onecoin grows stronger.

    • Sam The Fifth

      You’re an absolute tool, Onecoin is a blatant centralized ponzi, it is nothing like the decentralized cryptocurrency Bitcoin. Not even REMOTELY similar.

    • Steven

      I can’t believe how many brain washed people are still in this ponzi scheme, if you’re saying that OneCoin will hit the market and if you really think that it will become real crypto currency then you are very naive…Time doesn’t need to tell you that this is big ponzi , you should know that already, not to mention that almost all people in their leadership were involved in many ponzi schemes before, but you obviously don’t know much about that and I am sorry of all people who are naive like you because you should open your eyes and not to be leaded by blinded people, greedy promoters and hyped stories…

  • john

    seems like the same people talking trash about Onecoin…still after all these years ?? why ? we keep winning and winning while you keep crying and crying. does onecoin success bother you in some way ? get a life..please