The Norwegian Gaming Board sent a formal letter to OneCoin on April 13th, seeking clarification on its operations amid mounting complaints of it functioning as a pyramid scheme. Months later, the regulator has received no response from the cryptocurrency company, despite its public promises of cooperation with authorities in other jurisdictions.
OneCoin had previously pledged full cooperation with London authorities. This came after the City of London Police and the Financial Conduct Authority (FCA) announced an investigation into the company without prior direct contact. OneCoin issued a statement expressing disappointment at not being approached first, insisting it had never heard from the City of London Police. The company promised to follow all rules and cooperate fully.
That promised cooperation did not extend to Norway.
The Norwegian Gaming Board grew concerned after fielding repeated complaints, both from domestic sources and international authorities, that OneCoin operated as a pyramid scheme. The regulator took the unusual step of sending its April 13th letter to inform OneCoin about Norwegian rules governing multi-level marketing and pyramid schemes. Silje Amble, a pyramid scheme investigator at the Gaming Board, told E24 that such letters are rarely issued, signaling the seriousness with which the regulator viewed OneCoin's activities.
The Gaming Board then requested confirmation that OneCoin had received the communication. No response arrived. The regulator continued to wait.
As of publication, OneCoin had not replied to the Norwegian regulator's follow-up requests. The Gaming Board has not yet opened a formal investigation. The lack of a response from OneCoin stands in sharp contrast to its public statements regarding London, where it projected an image of transparency and willingness to engage.
Earlier in the year, the Norwegian Direct Selling Association (DSA) had already issued a direct warning against OneCoin. The DSA explicitly called it an "ugly pyramid scheme," urging the public to avoid engagement. That assessment also failed to prompt any engagement from OneCoin with Norwegian authorities.
This pattern of behavior is consistent. When law enforcement announces an investigation publicly, OneCoin claims a desire to assist. But when a regulator quietly reaches out to discuss specific concerns, the company ignores the inquiry. One approach allows OneCoin to control the public narrative. The other demands actual answers to uncomfortable questions about its business model, which is subject to Section 16 of Norway's Lottery Act, prohibiting illegal pyramid schemes.
Non-compliance with such inquiries can lead to escalated enforcement. This includes formal investigations, cease-and-desist orders, and significant fines under Norwegian consumer protection and lottery laws. The Norwegian Gaming Board continues to monitor the situation, awaiting any communication from OneCoin.