The Italian Antitrust in addition to Consumer Protection Authority (AGCM) has branded OneCoin a pyramid scheme, or ponzi scheme.
OneCoin has been nether investigation from the AGCM since Dec final year, where it ordered local affiliates to halt promoting the so-called digital currency.
However, Italy is non the entirely terra firma that has been protecting its citizens from the fiscal fraud that seemed to endure brewing nether OneCoin. Prosecutors inwards Deutschland opened upward criminal investigations into the companionship in addition to inwards Republic of Hungary the authorities also took steps to tackle the ponzi scheme.
Italy’s AGCM has been working difficult at shutting downwards OneCoin's influence inwards the terra firma equally its investigation was based on its suspicion that the currency was a “deceitful Ponzi scheme”.
The investigation wrapped upward inwards Feb amongst OneCoin contesting the results, exactly regardless, the digital currency was banned inwards Italy at the terminate of February.
Cease in addition to desist
OneCoin was required to reply to the AGCM amongst a detailed excogitation equally to what measures it would accept to halt all advertisement of its companionship inside Italy’s borders, or facial expression upward a fine.
When at that topographic point was no response from the ponzi scheme, the AGCM announced that they would incur a fine of betwixt €10,000 to €5 mln. As such, the fine has straightaway been laid upward at €2.5 mln based on findings that OneCoin is a “pyramid sales system” that sold “one coins” to the full general public.
First fine of its kind
While OneCoin has faced many bans in addition to measures to halt its performance inwards unlike states, the monetary fine imposed past times Italy seems to endure the start of its kind.
