Swedish Police Close OneCoin Investigation

Stocks and Financial Services Press Releases Monday March 20, 2017 11:27
SOFIA, Bulgaria--20 Mar--PRNewswire/InfoQuest
The Swedish Gaming Authority has confirmed that an enquiry by the Swedish Police into the OneCoin cryptocurrency and its associated multi-level marketing business, OneLife, has now been closed.
(Logo: http://photos.prnewswire.com/prnh/20161201/444679LOGO )

The Swedish Police issued an official decision on the case on February 6th 2017, stating that the preliminary investigation has been discontinued. The Police statement indicated that there was no basis upon which to continue the investigation as there was no reason to believe that an offense had been committed. The Police confirmed its decision to the Gaming Authority on March 1st 2017.

OneCoin stated: "We have been aware for some time of unfair competition practices against OneCoin and OneLife, which have included serious though demonstrably false allegations which have raised understandable concerns. Where these have resulted in formal enquiries or investigations, we have been happy to cooperate fully with the authorities concerned, confident in the knowledge that the facts would prevail. This is the second such occurrence in which an investigation by a regulatory authority has confirmed there to be no findings of illegitimate dealings in our business, and of course we welcome the prompt and professional manner in which the Swedish Police have conducted their enquiry."

OneCoin is a digital currency, based on cryptography and created through a process called 'mining'. Just like the serial number on a paper bill, each digital coin is unique. Unlike money issued by governments, there is a finite number of OneCoins, ensuring they cannot be affected by inflation and are impossible to counterfeit. Because cryptocurrencies are not tied to any particular country or central bank, the value of the coin depends on factors such as usability, demand and supply.

Source: OneCoin

Latest Press Release

KLP Obligasjon Global I Fund Ratings Lowered To #BBB+f/S2# Then Withdrawn At Fund Manager#s Request

PARIS (S&P Global Ratings) June 23, 2017--S&P Global Ratings said today that it had lowered by one notch to 'BBB+f' from 'A-f' its fund credit quality rating on KLP Obligasjon Global I, a Norway-domiciled global fixed-income mutual fund. At the...

#BBB+# Rating On AEON Mall Co. Ltd. Affirmed After Those On Parent Outlook Remains Negative

TOKYO (S&P Global Ratings) June 23, 2017--S&P Global Ratings today said that it has affirmed its 'BBB+' long-term corporate credit rating on Japan-based shopping mall operator AEON Mall Co. Ltd. The outlook remains negative. The affirmation...

#BBB+# Ratings On AEON Co. Ltd. Affirmed On Likely Gradual Recovery In Outlook Remains Negative

TOKYO (S&P Global Ratings) June 23, 2017--S&P Global Ratings today said that it has affirmed its 'BBB+' long-term corporate credit and senior unsecured debt ratings on Japan-based retailer AEON Co. Ltd. The outlook on the long-term corporate...

MagnaChip Semiconductor Corp. Upgraded To #B-# On Improving Operating And Financial Pe Outlook Stable

HONG KONG (S&P Global Ratings) June 23, 2017--S&P Global Ratings raised its long-term corporate credit rating on MagnaChip Semiconductor Corp. to 'B-' from 'CCC+'. The outlook is stable. At the same time, we raised our issue rating on the...

Raiffeisen Bank International#s Proposed Perpetual Additional Tier 1 Capital Notes Rated #BB#

FRANKFURT (S&P Global Ratings) June 23, 2017--S&P Global Ratings today assigned its 'BB' long-term issue rating to the proposed perpetual additional tier 1 (AT1) capital notes to be issued by Raiffeisen Bank International AG (RBI;...

Related Topics