ONECOIN

Financial controller Belgium warned the market participants about the fraudulent threats posed to the crypto product called OneCoin.

The notice was published last weekend. It says that OneCoin received "tacit approval" from banking institutions, but it is "false and misleading".

The document States the following:

"Some people began to promote OneCoin is a digital currency, is especially popular in Belgium. We want to warn the public that this asset has not received any license or approval for its activities in the country. The same can be said of those who sell bitcoin or support dissemination: they had not received any permission or other form of approval.

OneCoin functions as a multi-level market schemes, where people are using digital currency to buy access to the mining platform. In this case the earlier the customers get much greater benefits from joining the network by new users, making the service similar to an ordinary financial pyramid.