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.
The IFSC, in its statement, accused One Life of breaking the law through its unlicensed trading, going on to say:
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.