Austria’s Financial Regulator Warns Onecoin Operating Without License

Another authorities authority is warning the market about OneCoin, a cryptocurrency scheme broadly suspected of being fraudulent.

Following information that police in India had held OneCoin promoters in custody, and that they’re brining charges against OneCoin founder Ruja Ignatova for fraud, the Austrian Financial Market Authority, the nation’s monetary regulator, launched a warning on its website asserting that OneCoin has no license to carry out any banking transactions.

“(OneCoin) is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to conduct the issuance and administration of payment instruments such as credit cards, banker’s drafts and traveller’s cheques on a commercial basis, with no limitation applicable to the term of crediting in the case of credit cards,” the warning reads.

This makes Austria the most recent member of the rising checklist of nations which have both despatched related regulatory warnings, investigated the alleged scheme or taken steps to crack down on the service.

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As reported, Vietnam’s government has beforehand acknowledged that OneCoin’s license to function domestically was faux, whereas European nations like Germany, the U.K. and Hungary are actually involving regulation enforcement in an effort to research and shut down the agency’s operations.

Onecoin image through Twitter

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