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OneCoin 'License' is a Fake, Says Vietnamese Government

OneCoin doesn't have a license to operate in Vietnam despite claims to the contrary, the government said this week.

Jun 23, 2017 at 7:25 p.m. UTC
Updated Sep 11, 2021 at 1:28 p.m. UTC

The government of Vietnam is speaking out after promoters of OneCoin – a digital currency investment scheme widely believed to be a fraud – claimed it had been granted a formal license in the country.

report that, during an event earlier this month, proponents of the digital currency claimed that OneCoin had been given a license to operate by the country's Department of Management.

According to BehindMLM, which tracks multi-level marketing schemes worldwide, the government moved to issue a swift denial after receiving questions from those who ostensibly were pitched to buy OneCoin. Those who are encouraged in to buy into the OneCoin system are asked to purchase "packages" which can then be exchanged for the purported digital currency. They are further urged to find others to invest in order to expand their promised rewards.

Specifically, the Vietnamese government said that purported licensure documents shared on social media were fakes with forged signatures. BehindMLM further adds that, in the wake of the Vietnamese government's statements, OneCoin promoters in Vietnam have moved to pull down posts about the alleged license.

The news represents the latest move by a national government to disavow or speak out against OneCoin, which has been accused of operating a Ponzi scheme and bilking investors through promises of significant investment returns.

Countries including Germany, India and Italy, among others, have acted in recent months to disrupt OneCoin and its proponents.

Image via Shutterstock

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