You may have received emails about OneCoin and how it’s a fantastic investment choice.
Emails about OneCoin claim this is the new cyber currency that has made more than 300 millionaires already. It is a claim of money from nowhere and the authorities in several countries are investigating the company.
The UK Financial Conduct Authority is looking into OneCoin and has said “This firm is not authorized by us and we do not believe it is undertaking any activities that require our authorization. However, we are concerned about the potential risks this firm poses to UK consumers.”
The Mirror newspaper has called OneCoin a get-rich-quick scheme scam and a cult and said that OneCoin is worthless. It is reported that Bitcoin.com has given detailed evidence that Onecoin is an extensive ponzi scheme scam
OneCoin says it is a digital currency similar to bitcoin but with key differences such as it uses a centralized hub for exchange, storage and transaction logging. This difference has led some to claim that OneCoin isn’t a cyber currency at all.
In July, Belgian authorities warned consumers about investing in OneCoin, stating that “false and misleading” information was being disseminated by supporters.
OneCoin has described itself as a global software and technology company with offices in Bulgaria, Hong Kong, and the United Arab Emirates.
If you do invest in OneCoin, the only way to exchange OneCoins to any other currency is Onecoin Exchange, an internal market place for members who have invested more than just a starter package and there are strict daily limits on transactions.
It is good to look at new developments and perhaps to invest in new ventures but be wary of ventures where everything is seemingly reliant on belief and may be considered a fraud by some.
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