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UK FCA warns users against OneCoin digital currency

Following the recent warnings issued by the Swedish Bitcoin Foundation against cryptocurrency OneCoin, the Financial Conduct Authority, a financial regulatory body in the UK, has also cautioned consumers against using this digital currency.

“We believe consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies”, the FCA said.

It further said that it has not authorized the firm and does not believe that OneCoin is undertaking any activities that require authorization. That being said, the FCA emphasizes that it is concerned about the potential risks OneCoin poses to UK consumers, adding that those who deal with it will not be protected under Financial Ombudsman Service or the Financial Services Compensation Scheme.

“The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud(link is external) or telephone them on 0300 123 2040”, it said. “As OneCoin is not authorised, consumers who deal with it will have no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.”

In July 2016, the Financial Services and Markets Authority (FSMA), the financial regulatory agency in Belgium, issued a warning saying that neither OneCoin nor the persons promoting OneCoin have been recognized or authorized by it.

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