Virtual Currency- OneCoin Gets Blocked in Germany

Well, the financial sector of the Germany has been in the news recently as the new step has been taken by the Germany’s Federal Financial Supervisory Authority’s (BaFin) in order to freeze the bank accounts of the IMS International Marketing Services GmbH. A cease and desist order has been issued by the OneCoin payment processor in order to keep up the activities that are related to OneCoin. The final statement that was released has also stated that the order is issued against the OneLife Network Ltd, Belize and also to wind up the sales that are related with sales and promotion and also the online trading which takes into consideration the OneCoin theory. They want to end all these in the land of Hitler at the earliest.

                                                                                                           
The authorities also mentioned that they have done the investigation and hence declared the order. They have found out that the above-mentioned companies have been in the trading business of OneCoin which is regarded as the virtual amount in this European country. However, this would have required a permission from the “Eigenhandel” which provides the financial service in Germany. The warning has been raised against other companies of UK as well.