OneCoin, a cryptocurrency listed as fraudulent in the US, has become the subject of a court case in Singapore with two men currently held under arrest for promoting a multi-level marketing scheme.

The men currently being held are facing charges for incorporating a company called One Concept Pte Ltd in violation of Singapore’s Multi-Level Marketing and Pyramid Selling (Prohibition) Act. The Monetary Authority of Singapore (MAS) have listed OneCoin and One Concept Pte Ltd on the Investor Alert List (IAL).

A news release over the arrests stated: “the fact that a company is listed on the IAL does not necessarily mean that it has breached any of MAS’ regulations. However, investors should bear in mind that these entities have had a past record of being wrongly perceived by others as being licensed by the MAS when they are not.”

New Zealand is another country which has issued a warning regarding OneCoin in the past. In this case was revealed by the Commercial Affairs Department that the scheme involved the purchasing of educational courses and promotional tokens which could be used to mine OneCoins, a Bulgarian created token with features similar to Bitcoin.

The Singapore Police Force has warned the public about the risks of being involved in any One Concept Pte Ltd marketing schemes and OneCoin itself. If convicted the two men face a maximum jail term of up to five years or a stiff fine which could be as much as USD 200,000.

Singapore has a limited history of cryptocurrency-related crime. The last major case involved a claim of some BTC 3,085 due to a trade reversal by Quoine exchange in 2017 when market maker B2C2 sued Quoine for the unauthorized reversal of 7 trade orders amounting to BTC 3,092, placed by the plaintiff on the defendant’s exchange platform.


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