According to BaFin, Onecoin under the “OneCoin” brand, uses a multi-level marketing structure both globally and in Germany. The services offered by IMS International Marketing Services to Onecoin are classified as money remittance business, which requires prior authorization by BaFin. The regulator stated that the company did not and does not have the required authorization.
In an official announcement, BaFin ordered IMS International Marketing Services to immediately cease and wind down its unauthorized money remittance business with investors in “OneCoin” for Onecoin, Dubai. In case IMS should not carry out the order, the authority threatened to impose a coercive fine of EUR 1.5 million.
Furthermore, the German authority has ordered IMS International Marketing Services to transfer the remaining bank deposits back to the investors who had made payments to it most recently, where the bank deposits are not subject to a garnishment.
Financial watchdogs, including UK’s Financial Conduct Authority (FCA), Belgium’s Financial Services and Markets Authority (FSMA), have issued warning again OneCoin in the recent past, according to Econotimes.
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