ONECOIN PROMOTERS FINED €2.6 MILLION BY ITALIAN CONSUMER WATCHDOG

A consumer rights watchdog in Italy is fining a group of companies that have promoted OneCoin, the digital currency investment scheme widely believed to be fraudulent. The 2.59 million euro fine was passed down by the Italian Antitrust Authority (IAA). It comes months after the group moved to suspend the operations of several OneCoin-affiliated companies in Italy. The companies were sanctioned for utilizing pyramid scheme tactics and misleading investors through promotional materials and events. The IAA said in a statement:

"OneCoin's dissemination took place through a pyramid sales system as recruitment of new consumers was the sole purpose of sales activity and was strongly encouraged by the recognition of various bonuses, the only real and effective remuneration of the program. The purchase of the training kit in fact concealed the entry fee required to enter the system and convince other consumers of the goodness of the product."

Read more here: https://www.coindesk.com/italian-regulator-issues-e2-6-million-fine-onecoin-promoters/