OneCoin Fights Back Against Ponzi Scheme Accusations

OneCoin Fights Back Against Ponzi Scheme Accusations

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

The cryptocurrency project, OneCoin has defended accusations earlier this week of being a Ponzi scheme.

The claims were made by the Central Bank of Samoa, whose exact wording was “hybrid ponzi-pyramid scheme. ” They also claimed that they had helped to “launder money through New Zealand to Samoa.”

Anti-Money Laundering

Naturally, this hasn’t sat well with the company, who have now responded by rubbishing the claims. Stating that no one has the right to act or make statements about the company in Samoa, and emphasised that the company fully complies with the regulations put in place by authorities.

In the statement sent to the local news outlet, The Samoa Observer, they went on to say, “Let it be clear that neither OneCoin nor OneLife companies have organisation, representation or employees in Samoa and New Zealand.” Before going on to battle against the idea of them being involved in money laundering, “OneCoin is a centralised, closed cryptocurrency. The closed system has strict A.M.L. and C.F.T.  (Anti-Money Laundering and Combating the Financing of Terrorism) policies as well as K.Y.C. (Know your customer) implementation, as in our case, prevents anonymous transactions.”

This follows claim that they had been laundering money through churches to the tune of $6.06 million, which it had caused significant financial repercussions.

Not a Ponzi Scheme

There was also the insinuation by a report that New Zealand Financial Intelligence Unit, that the company contains elements of pyramid and Ponzi schemes and that it was a scam.

OneCoin, however, stipulated that those involved in this aspect of their service are not consumers but “Independent Marketing Associates (I.M.A.)” and that “by accepting the contract, the user becomes an independent, self-employed business owner.”

The letter also said that “the company does not consider it has any responsibility for activities directed by OneLife I.M.A at Samoa and New Zealand. We do care about I.M.A behavior and insist on them being compliant with local regulations.”

Finally, they doubled down on their integrity, by explaining that, “OneCoin has always been more than happy to cooperate and explain to whoever is interested, within the reasonable grounds, how a closed source cryptocurrency system works.”

They aren’t taking this criticism lying down it seems.

Recently Similar News

Latest Guides

Latest News

Cryptocurrency

Cryptimi Announces Launch of German Language Platform

Here at Cryptimi, we are launching our newest news site in another language, in German. At Cryptimi, we work towards providing our users with the most up to date news and the highest qualify guides and exchanges. Due to the continued growth of our platform, we are happy to announce our newest Cryptimi offering, the […]

21 October, 2020
Changelly,Cryptocurrency,Trading

Changelly Helps Users Discover Where They Can Store Polkadot (DOT) Tokens

The Changelly blog has written an article helping their users determine the best places for them to store their DOT tokens. Changelly, the online cryptocurrency exchange, has created a new blog post to help users figure out where the best place to store their Polkadot (DOT) tokens. Polkadot (DOT) was created  by one of Ethereum’s […]

19 October, 2020
BitPanda,Cryptocurrency,Trading

BitPanda Announced the Launch of Their Own Cryptocurrency Index

BitPanda, the online cryptocurrency exchange, is launching what they call the first “real” cryptocurrency index. BitPanda, the large online cryptocurrency exchange platform, is launching what they say is the first “real” crypto index, which will be available on the BitPanda platform. BitPanda’s cryptocurrency index is very easy for its users to use and is completely […]

19 October, 2020
Binance,Bitcoin,Blockchain,Cryptocurrency

Binance Announced Two New Launchpad Project Partnerships This Week

Binance, the largest online cryptocurrency trading platform, is adding two new projects to the Binance Launchpad for user funding. Binance, the world’s biggest cryptocurrency exchange, is launching their first joint token offering from Binance Launchpad and Binance Launchpool, and is also releasing an additional Launchpool token. In their weekly report, Binance highlights other key factors […]

19 October, 2020
Bitcoin,Investment,Trading

Publicly Traded Companies Now Own $6.7 Billion Worth of Bitcoin

Some of the largest companies in the world are now starting to buy and hold Bitcoin, with over $6.7 billion in total Bitcoin owned amongst publicly traded companies. Companies such as MicroStrategy and Square have been in the news lately for their large acquisitions of Bitcoin ranging from 50 to 100’s of millions of dollars […]

19 October, 2020
Cryptocurrency

Kraken Announces Integration of Filecoin (FIL) Trading on Their Exchange

Kraken, one of the largest online cryptocurrency exchanges, is launching trading for Filecoin starting on October 15th. Kraken, the online cryptocurrency exchange, has announced their latest exchange addition with the ability for their users to start trading Filecoin (FIL) starting on October 15th. This is a mainnet listing, not a recent addition, meaning that trading […]

19 October, 2020
Bitcoin,Blockchain,Cryptocurrency

What is the Intrinsic Value Of Bitcoin? Kraken Intelligence Explores

Kraken Intelligence, the research arm of the Kraken cryptocurrency exchange, tries to identify the intrinsic value of Bitcoin. Many people question what the intrinsic value of Bitcoin is, and Kraken Intelligence, the intelligence wing of the Kraken crypto exchange, works on answering this question. Although it is hard to precisely define the entire intrinsic value […]

19 October, 2020
Binance,Bitcoin,Cryptocurrency

Binance Partners With Alpha Finance Lab to Give Away $3,000 in ALPHA

Binance, the largest online cryptocurrency exchange platform, has partnered with ALPHA to giveaway $3,000 of their native token via lottery numbers. Binance, the worlds largest online cryptocurrency exchange, has partnered with Alpha Finance Labs to give away $3,000 worth of ALPHA during their token sale taking place on Binance Launchpad.  All you have to do […]

19 October, 2020