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Austria’s FMA issues warning against OneCoin

The Austrian Financial Market Authority (FMA) has joined its other global counterparts to warn people against OneCoin.

The regulator on Wednesday issued a warning on its website against the digital currency that is being touted as a pyramid scheme.

"(OneCoin) is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to conduct the issuance and administration of payment instruments such as credit cards, banker's drafts and traveller's cheques on a commercial basis, with no limitation applicable to the term of crediting in the case of credit cards," the FMA said.

In the past, a number of financial regulators including BaFin, the UK Financial Conduct Authority (FCA), Belgium’s Financial Services and Markets Authority (FSMA), and others have warned investors against OneCoin.

In addition, Indian police arrested 22 people in April and May for their alleged connection in the OneCoin scam, The Hindu reported. The Economic Offence Wing-I of the Navi Mumbai police has filed a primary charge sheet against OneCoin promoters. The chargesheet has also been filed against OneCoin founder Ruja Ignatova, CoinDesk reported.

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