Belgium has issued a formal warning against OneCoin, the suspected ponzi scheme, which has already received criticism from throughout the cryptocurrency community.
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OneCoin Claims ‘False,’ Says Belgium Watchdog
In a release Friday, the country’s Financial Services and Markets Authority (FSMA) stated that neither OneCoin nor its promoters “have been recognized or authorized” and that both parties’ claims “are false and misleading.”
“The Financial Services and Markets Authority (FSMA) warns the public that neither OneCoin nor the persons promoting OneCoin have been recognized or authorized by the FSMA,” it states.
OneCoin has attracted increasing negative publicity as its organizers seek to expand its presence to new markets. The organizers themselves, their scheme and claims have been revealed as likely fraudulent due to a lack of evidence of funds and other unexplained practices.
For further information about the dangers associated with OneCoin, see this author’s previous report from May 2015 as well as Bitcoin.com’s recent exposé.
Belgium’s official warning explicitly highlights the activities of presumed OneCoin representatives on social media, a practice which has become commonplace for those seeking to defend the scheme.
The FSMA release states: