The International Financial Services Commission (IFSC), the Belizean financial regulator, has issued a warning regarding unauthorized cryptocurrency promoter and brokerage OneLife Network, which has been operating on the island without the mandatory license.
OneLife Network is best recognized by its connection to OneCoin, an altcoin which has been accused of being tied to fraudulent operations on several occasions. Just last week, Finland’s authorities launched an investigation into the digital coin. It is worth noting that initial probes were conducted back in 2015 when OneCoin was launched in the country, following multiple complaints from traders. Since then, OneCoin has been involved in a number of fraudulent operations.
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In addition, the Italian Competition Authority (ICA), Italy’s anti-trust body, has fined OneCoin promoters nearly €2.6 million over false and unrealistic promises that the firm made in order to lure in innocent traders. The culprits include OneLife Network, fined €2 million, Easy Life Srl, fined €80,000, One Network Services, fined €500,000, and three unnamed registrants, fined €5,000 each.
The IFSC did not mention any clients having complained about being victimized by OneLife, nor its connection to OneCoin. The regulatory authority did, however, note that the company does not hold an IFSC license, and therefore is not authorized to offer financial services to traders of any kind.
OneLife Network’s misconduct is a violation of Belizean law and local licensing regulations which were set in 2007. The regulator strongly advises clients to exercise extreme caution when dealing with this broker.