The Australian Securities and Investments Commission ASIC issues an official warning against OneCoin. It has also released a notice for the public. As per the official info, OneCoin has no registration or license within Australia. The firm doesn’t have the latest Australian Finance Services License. Also, it doesn’t posses the Australian Credit License from the ASIC.

As per the official note, OneCoin has its registration in Sofia, Republic of Bulgaria. ASIC also says that the firm has involvement in unsolicited emails and calls regarding financial investments. Previously, OneCoin had allegations of being a Ponzi scheme and accumulated $3.8 billion from its investors. It would promise its contrarians of high returns at minimal risk. However, the company has refuted such claims. Though one of the minds behind OneCoin is behind the bars, the firm is still operational as of now.

Recently, cryptocurrency scams are rising in every nook and corner of the globe. The latest examples can be the scam of 2 Million Euros executed by a dutch and the $200 million heist in Brazil. In all cases, in the pretext of cryptocurrency, the firm duped people of their funds.