In line with a recent report reported by a native news outlet ‘Business Times’, Singapore regulatory authorities have charged 2 men for promoting ‘cryptocurrency‘ MLM [Multi-Level Marketing] scheme named ‘OneCoin’ within the 1st case of its kind for the city state.
The 2 men, who weren’t named, reportedly engaged in activities involving incorporating a subsidiary to push OneCoin, along with signing up new members and taking investments in return for education courses as well as [OneCoin tokens].
This case is the latest to afflict OneCoin, that had managed to ‘operate‘ since now for the past four years and accrue giant investments before its 2 Bulgarian founders were ‘indicted‘ by the U.S. enforcement, earlier in March.
“The promotional tokens could be accustomed to ‘mine’ for OneCoins,” Business Times quotes an announcement from the Commercial Affairs Department of the Singapore Police as reading. It added:
“Participants who brought in new participants were additionally entitled to over ridding commissions in dispute of the MLM and Pyramid Selling Prohibition Acts.”
The MAS [Monetary Authority of Singapore] – Singapore’s central bank, had antecedently ‘inserted‘ OneCoin on its Investors Alert List, a directory of entities that it believes to be misleading the general public.
However, One among the two founders named ‘Ruja Ignatova’, remains at active following as per the U.S. indictment.