News

Hungarys regulatory bodies to take action against OneCoin

Wednesday 10 May 2017 10:32 CET | News

Hungary`s regulatory bodies are determined to take action against OneCoin, a digital currency investment scheme believed to be fraudulent, according to CoinDesk.

The Magyar Nemzeti Bank (MNB), the countrys central bank has announced that it is part of a large task force focused on cracking down on “certain elements of the alleged pyramid scheme”, the online publication continues. Among other Hungarian institution involved, we name the Budapest Polices main office, the National Bureau of Investigation, the National Tax and Customs Administration, the Interior Ministry, the Prosecutor Generals Office, as well as the Municipal Prosecutors Office.

OneCoin is an investment program centred around a supposed digital currency through which investors are promised huge returns on their purchases. Participants are encouraged to find other investors as well, drawing the allegation that OneCoin is little more than a fraud.

In April 2017, OneCoin’s services have been banned by BaFin, Germany`s Federal Financial Supervisory Authority.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Onecoin, pyramid scheme, payment processor, cryptocurrency, Hungary, Europe, fraud prevention, security
Categories: DeFi & Crypto & Web3
Companies:
Countries: World
This article is part of category

DeFi & Crypto & Web3