Beware trading virtual currencies with OneCoin

We believe consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies.

OneCoin markets itself as ‘a digital currency, based on cryptography’. It claims to have a finite amount of currency units which means it is unaffected by factors such as inflation, and that it is not bound by a central bank.

Why we are concerned

The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud or telephone them on 0300 123 2040.

This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.

As OneCoin is not authorised, consumers who deal with it will have no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.