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Tuesday, May 2, 2017

German Regulator Seizes Funds From a Onecoin Associated Company

German Regulator Seizes Funds From a Onecoin Associated Company

A German-based company called the IMS International Marketing Services Gmbh is under scrutiny for accepting funds coming from the Onecoin organization. In a recent report, the German regulatory agency Bafin reveals they have seized funds in excess of €29m from the IMS firm. The agency states that IMS raked in a total of €360m from the MLM based company Onecoin Ltd., for over a year.

Bafin says Onecoin is part of a vast network of marketing agencies selling virtual units the company declares as a cryptocurrency. The financial regulator says the Onecoin MLM scheme is used in Germany and across the world by many people. However, Bafin calls IMS an “unauthorized money remittance business,” and the company is in violation of sentence 4 of the German Payment Services Supervision Act.

“In its decree of 5 April 2017, BaFin ordered IMS International Marketing Services GmbH to immediately cease and wind down its unauthorized money remittance business with investors in “Onecoin” for Onecoin Ltd.,” explains the German supervisor’s office.

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