OneCoin has drawn regulatory scrutiny from another European country after Finnish authorities have launched a probe into the digital currency. Finland had been undertaking preliminary investigations into OneCoin since 2015 when the instrument first surfaced in the country – since then, OneCoin has been plagued with scams and other fraudulent operations.
A police investigation into OneCoin was initially launched back in April 2015 following multiple complaints from the country’s citizens. Despite cause for concern, the investigation ultimately proved fruitless and stalled after Finnish authorities were unable to ascertain if OneCoin had an actual cryptocurrency, according to a recent report.
— Tim Tayshun (@ezCoinAccess) August 17, 2017
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However, Finnish authorities have once again returned to OneCoin with hopes that a more comprehensive investigation will finally be able to reach its finality. The previous iteration had found that the company operating OneCoin was managed out of Bulgaria, even funnelling money into multiple Finnish bank accounts.
At present, OneCoin is widely believed to be a scam, promoted as a cryptocurrency with a private blockchain. Collectively, OneCoin and OneLife Network are operated out of Bulgaria and can be characterized as a Ponzi scheme, given its structure. Earlier this month, Italian authorities also issued a €2.6 million fine to the OneCoin promoters, as they evidently drew the same ire in Italy as in Finland.
The common denominator in each instance as well as many others has been the fraudulent promotion of OneCoin through pyramid scheme tactics. For this reason, Finnish authorities had redoubled their efforts with Finland’s National Bureau of Investigation (NBI) now handling the investigation.
OneCoin’s meteoric rise in Finland has reached a flashpoint however, with as many as 20,000 Finns now investing tens of millions of euros into it. A police investigation could ultimately result in criminal charges placed against OneCoin promoters in Finland, not unlike the recent Italian precedent that was set.