RSS   Newsletter   Contact   Advertise with us
Post Online Media
Fraud   Widespread allegations

German finance watchdog closes OneCoin payment processor

BaFinGermany's top finance regulator has moved to shut down a payment processor tied to to the OneCoin cryptocurrency scheme.

This is a digital currency service that has faced widespread allegations of fraud.

READ MORE Watchdog slaps $$1.6 million fine on Lotte, Shilla duty-free shops

The Federal Financial Supervisory Authority (BaFin) said on April 10 that it was freezing the accounts of IMS International Marketing Services GmbH, which is registered in Germany.

According to BaFin, the firm accepted €360m on behalf of OneCoin between December 2015 and December 2016. Of that amount, €29m is being held in the accounts frozen by the regulator.

The agency went on to threaten financial penalties in excess of €1m.

With the move, BaFin becomes the latest regulator in Europe to take action against elements of the OneCoin scheme.




What to read next





More inside POST
 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy