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Author: Admin | 2025-04-27
Warning on its website only in September 2016. "We believe consumers should be wary of dealing with OneCoin," it said. "We are concerned about the potential risk this poses to UK consumers." Less than a year later, the warning was removed from the website. The FCA said it had been up for long enough, but OneCoin promoters presented this as proof that the UK authorities considered OneCoin a legitimate investment."There's the answer, right from the horse's mouth, it's official," said one promoter from Alberta, Canada, in a video posted online. "If they still thought we were a fraudulent company, then guess what, that warning's not removed. Game over."Several OneCoin events took place in the UK after the FCA took down the warning, and money continued to be invested. The FCA did not respond to the BBC's request to comment.The fact that OneCoin was operating internationally also created difficulties for the authorities. In August this year, the City of London police ended a two-year investigation into OneCoin. "The companies and individuals behind OneCoin are based outside UK jurisdiction," it said. "We've been unable to identify UK-based assets, which could be used to compensate UK investors."Shutterstock / Paul HampartsoumianSuch explanations don't offer much comfort to those affected. "I'm devastated for all the UK victims," Jen McAdam told me, when she heard the news. She now runs Whatsapp support groups for OneCoin investors who realise they have been swindled. "Where's the support? Where's the help? More folk are going to promote this. It's a green light for the OneCoin scammers to continue and extort more money from innocent people in the UK and nothing has been done about it. They don't care!"The City of London Police told the BBC: "There was insufficient evidence to support criminal proceedings against individuals based in the UK,
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