German finance watchdog closes OneCoin payment processorStaff Writer | April 19, 2017
Germany's top finance regulator has moved to shut down a payment processor tied to to the OneCoin cryptocurrency scheme.
Fraud Widespread allegations
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. ■