ASIC Flags OneCoin Limited as Potential Crypto Scam
- This is the second crypto scam the regulator has warned against in a week.

Financial regulators across the world constantly monitor their markets, keeping a lookout for potential scams. This Tuesday, the Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading Read this Term) has just done that and flagged OneCoin Limited as suspicious.
According to the warning published today via its MoneySmart portal, the Aussie regulator has advised consumers to not deal with OneCoin Limited as it is not licenced to operate in Australia and “could be involved in a scam.”
“The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC,” the warning states.
In order to help consumers avoid this potential scam, the watchdog has provided the following details:
Name: OneCoin Limited
Address: 6a "P. R. Slaveykov" Sqr., Sofia, 1000, Republic of Bulgaria
Website: www.onecoin.eu
Email: office@onecoin.eu
“OneCoin is the first cryptocurrency that is easy to mine, trade and use. No complicated hardware or advanced knowledge is needed. The centralized model protects its members' safety and ensures compliance on AML,” the website states.
Without creating an account, it’s not entirely clear what the function of the website is, except for an advertisement of the cryptocurrency.
ASIC Remains Vigilant with Crypto Scams
OneCoin Limited is the latest entity to be flagged by ASIC. As Finance Magnates reported just last week, it published a warning against Dartalon Ltd, which also goes by the name of GFC Investments.
According to the statement, similar to OneCoin Limited, the regulator believes that the entity could be involved in a scam and warns explicitly that consumers should not deal with this business as it doesn’t have the necessary license and authorization to be offering financial services in Australia.
Financial regulators across the world constantly monitor their markets, keeping a lookout for potential scams. This Tuesday, the Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the idea was to unite regulators in Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices. ASIC does not regulate business or register business structures, only business names. One of the unique features of the Australian regulator is that over 90% of its operating budget comes from fees and fines levies. These fees for service, including company registration fees and licensing fees for banks, brokers, and other financial institutions. What is ASIC Responsible For?The regulator is charged with protecting the public from financial fraud and to make sure the investor is knowledgeable and understands their involvement. To this end, the Commission provides a license to each Financial Services provider. ASIC tests and assesses the qualification and experience of Financial Advisors. An Australian financial services (AFS) licensee, an authorized representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee, is authorized to provide personal advice to retail clients concerning relevant financial products to retail clients ASIC monitors the behavior of Financial Advisors and can access fines and remove or suspend their license. The regulator also licenses all investment and trading companies doing business in Australia. One service of the most outstanding benefits is the Australian Market Regulation Feed. To monitor trading activity, brokers and market operators have to facilitate access to ASIC’s Integrated Market Surveillance System. This means brokers and other relevant bodies in the registry must allow daily access to: All orders, trades, and quotes that are processed and circulated by the trading engine All messages related to trading sessions, product price and status They are closely monitoring all online and day trading Read this Term) has just done that and flagged OneCoin Limited as suspicious.
According to the warning published today via its MoneySmart portal, the Aussie regulator has advised consumers to not deal with OneCoin Limited as it is not licenced to operate in Australia and “could be involved in a scam.”
“The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC,” the warning states.
In order to help consumers avoid this potential scam, the watchdog has provided the following details:
Name: OneCoin Limited
Address: 6a "P. R. Slaveykov" Sqr., Sofia, 1000, Republic of Bulgaria
Website: www.onecoin.eu
Email: office@onecoin.eu
“OneCoin is the first cryptocurrency that is easy to mine, trade and use. No complicated hardware or advanced knowledge is needed. The centralized model protects its members' safety and ensures compliance on AML,” the website states.
Without creating an account, it’s not entirely clear what the function of the website is, except for an advertisement of the cryptocurrency.
ASIC Remains Vigilant with Crypto Scams
OneCoin Limited is the latest entity to be flagged by ASIC. As Finance Magnates reported just last week, it published a warning against Dartalon Ltd, which also goes by the name of GFC Investments.
According to the statement, similar to OneCoin Limited, the regulator believes that the entity could be involved in a scam and warns explicitly that consumers should not deal with this business as it doesn’t have the necessary license and authorization to be offering financial services in Australia.