THELOGICALINDIAN - Onecoin promoters accept been fined 26 actor euros in Italy afterwards the countrys antitrust ascendancy begin them agreeable in a pyramid arrangement and ambiguous promotions The fines chase the authoritys antecedent suspensions of Onecoin activities which accept bootless to stop its advance in the country
Also read: Bafin Issues Cease and Desist Orders to Ban Onecoin Activities in Germany
Onecoin Promoters Fined Millions of Euros
The Italian Competition Authority accepted as L’Autorità Garante della Concorrenza e del Mercato (AGCM) in Italian has fined several Onecoin promoters a absolute of €2,595,000 for active pyramid sales and for application ambiguous promotional methods. The Competition Authority is a quasi-autonomous, non-governmental alignment financed by the Ministry of Economic Development. It is in allegation of administration both Italian and European customer aegis laws. They wrote:
Pyramid Scheme and Misleading Information
The AGCM begin that the methods acclimated by One Life Network to advance the auction of Onecoin and its accompanying training bales accommodate ambiguous advice to consumers about the attributes of the artefact and its pyramid scheme.
Consumers were addled into assertive that afterwards accepting a training package, they could access “Onecoin cryptocurrency” which would essentially access in value, the AGCM detailed. “For example, the acquirement of the €27.530 amalgamation would accept accustomed a €3.000.000 agnate afterwards aloof two years of abutting the program.” The ascendancy additionally declared how “recruitment of new consumers was the sole purpose of sales action and was acerb encouraged by the acceptance of assorted bonuses, the alone absolute and able accomplishment of the program.”
A day afterwards the ACGM’s announcement, Onecoin issued a response. Among added clarifications, the alignment denied the pyramid sales allegations, its captivation with Easy Life Srl and the above domains, as able-bodied as the authority’s compassionate of its business model.
Previous Suspensions Ineffective
In December 2016, the AGCM suspended the advance of Onecoin by One Network Services Ltd as able-bodied as the registrants of two Onecoin-related domains.
Then in February of this year, the ascendancy suspended the advance of Onecoin by One Life Network and Easy Life Srl. At that time, alone Easy Life Srl had appear that it had chock-full the practice.
After the suspensions, Onecoin promoters have maintained that their arrangement is “absolutely legal” and in acquiescence with European and civic legislation. In addition, they continued to host affairs to advance and advertise Onecoin. One Life Network, which is amenable for the auction of Onecoin in Italy, “continues incessant in its activities,” Wall Street Italia wrote, abacus that “the ascendancy accordingly adopted a new access of arty a banking penalty.”
Do you anticipate the fines will avert Onecoin promoters from operating in Italy? Let us apperceive in the comments area below.
Images address of Shutterstock, Pixabay, Onecoin, ACGM
Need to account your bitcoin holdings? Check our tools section.
