The government of Belize has issued a cease-and-desist order to one of the main promoters of OneCoin, a digital currency investment scheme widely believed to be fraudulent.
The International Financial Services Commission (IFSC), Belize’s financial markets regulator, accused One Life Network Limited of “conducting trading without first obtaining the required license” – an allegation that echoes one issued by BaFin, Germany’s top finance regulator.
In April, BaFin took a harsh stance against the investment scheme, ordering its organizers to dismantle trading facilities and to cease operating in the country. Other countries, including India, have also moved to curtail the activities of OneCoin promoters.
The IFSC, in its statement, accused One Life of breaking the law through its unlicensed trading, going on to say:
“This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business. One Life Network Limited is therefore directed to cease and desist from carrying on with the said unlicensed activities which constitute an offence under the laws of Belize.”
While the regulator didn’t detail how it might move to further stifle the scheme, the IFSC issued a warning to Belize citizens moving forward.
“All persons concerned are warned to take note and exercise extreme caution,” it said.
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