Onecoin, the alleged cryptocurrency on which many authorities around the world have warned yet for being a possible scam, is news again. This time it is the turn of the Financial Conduct Authority (FCA), a non-governmental regulatory financial institution in the Uk.



According to this organization, OneCoin, which is based in Gibraltar, is being investigated by the Police of the City of London and is more than likely that the benefits that proclaims about its alleged cryptocurrency are false. The FCA warns consumers that their funds do not have any protection in this system, but in case of fraud may contact the authorities.



This notice is completely founded. OneCoin irregularities are quite evident. On its website proclaims that this 'coin' is based on the blockchain technology, but it has been proven that it is not. Nor is it possible to find in the market and the only way to exchange it is the OneCoin Exchange, an internal service for members who have already paid the starter pack. All this also added to its dispute with Wikipedia, where its entry was modified 112 times in March this year to make up for bad publicity and accusations of being a Ponzi scheme, a type of fraud where interest payments to investors come from their own funds or money from new investors. And it can be said that this is the most likely option.



For all this, the FCA is not the first (and certainly not the last) institution that warn users about OneCoin. The Belgian Government and the Swedish Bitcoin Foundation has already published similar warnings that certainly every user should obey.





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