Published On: Sat, Aug 12th, 2017

Italy Labels OneCoin a Ponzi Scheme, Levies €2.5 Million Fine

Share This
Tags

Now fully exposed as a fraudulent pyramid scheme, Italian authorities have labeled OneCoin a Ponzi scheme and imposed a fine of  €2.5 million for the company to pay.
While Hungary and other countries have merely banned or taken OneCoin to court, Italy has stepped up and become one of the first countries to take a hardline stance against the company.
This seems to be the first instance where a government, in this case, Italy’s, acting through its Antitrust and Consumer Protection Authority (AGCM), has imposed a monetary punishment against the company that defrauded so many in the early days of cryptocurrency.

A History of Mistrust
OneCoin made a lot of waves early on as it posed as a digital currency, enticing many into its scheme with promises of huge returns. However, this has all unraveled spectacularly as their fraudulent ways have been outed in recent months.
In late 2016 OneCoin shut down its internal exchange, xCoinx, and it has remained closed, essentially stealing funds from those who invested in the Ponzi scheme.
This fraudulent and devious activity led to many countries stepping in to protect its citizens. Hungary, as mentioned previously, looked to take the company to court …

Read more –> click here all content is copyright Bitcoinist.

Need Bitcoin marketing and PR? Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin or cryptocurrency press release CLICK HERE..

Powered by ABITCO.IN

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

ALL Bitcoin News

Like what you’re reading?

Never miss any breaking Bitcoin news by following us on Facebook and Twitter!


SUBSCRIBE OUR RSS FEED AT: http://abitco.in/feed

×