OneCoin warning issued by Luxembourgish financial regulator
In a (very) brief publication, Luxembourg’s Commission de Surveillance du Secteur Financier has issued a warning against OneCoin.
CSSF’s single-sentence warning, issued on August 23rd, reads as follows:
The Commission de Surveillance du Secteur Financier (CSSF) warns the public that the entity named Onecoin Ltd., also present on social media under the name Onecoin Luxembourg, is not supervised by the CSS.
This is in line with regulatory warnings issued by over a dozen other countries, as authorities around the world brace for the inevitable OneCoin collapse.
With no way of tracking investment and recovering funds laundered off to who knows where, authorities outside of Bulgaria and Dubai are limited in victim fund recovery efforts.
Warnings like the above from the CSSF are an attempt to educate investors on the limitations of local authorities.
Not that that will stop the flood of complaints when OneCoin collapses, but I digress.
When contacted by Luxembourgish publication Paperjam, OneCoin claimed it had
never been formally contacted by the CSSF and therefore we do not see a reasonable motivation for this warning.
(We are) always ready to cooperate with all Regulators and institutions around the world in the name of transparency and respecting the laws of each country where the company operates.