OneCoin Italian ban suspended, investigation continues
As a result of an ongoing investigation into OneCoin by the Antitrust and Consumer Protection Authority, promotion of OneCoin across Italy was banned in late 2016.
OneCoin claimed one OneCoin shell company was not related to another, despite being owned and operated by the same people. The AGCM concluded their investigation into OneCoin in mid 2017.
The regulator formally banned OneCoin, declared it a “deceitful Ponzi scheme” and issued a 2.5 million EUR fine.
OneCoin tried to get out of it by asserting that its use of shell companies protected it from regulation.
The company also filed an appeal to preserve its so called integrity maybe. A decision has finally been reached a few weeks ago with regards to the appeal.
At a February 15th hearing, the AGCM argued that the injunction was necessary to protect consumers as it continued “in-depth analysis” of OneCoin as part of its investigation.
An order published by the Regional Administrative Court on February 19th, has suspended the previous injunction pending further investigation by AGCM.
The reason for suspending the fine is that non-payment at this time will not cause significant damage to Italian tax authorities.