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Saturday, August 12, 2017

One Coin, Much Scam: Italy Brands OneCoin Ponzi, Issues 2.5 Mln Euro Fine

One Coin, Much Scam: Italy Brands OneCoin Ponzi, Issues 2.5 Mln Euro Fine

OneCoin, after garnering a lot of support in the early days of cryptocurrency, is still facing the music as Italy becomes one of the first countries to take a hardline stance against the company, demanding a €2.5 mln fine.

The Italian Antitrust and Consumer Protection Authority (AGCM) has branded OneCoin a pyramid scheme, or ponzi scheme.

OneCoin has been under investigation from the AGCM since December last year, where it ordered local affiliates to stop promoting the so-called digital currency.

However, Italy is not the only country that has been protecting its citizens from the financial fraud that seemed to be brewing under OneCoin. Prosecutors in Germany opened up criminal investigations into the company and in Hungary the government also took steps to tackle the ponzi scheme.

Full story at

Source: CoinTelegraph

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