Norway's top financial regulator is crashing a OneCoin recruitment event this Saturday, and the company still hasn't responded to their warning letter.
The Gaming Board, Norway's MLM watchdog, sent OneCoin a second letter demanding permission to attend the Gardermoen event where the cryptocurrency scheme plans to pitch recruits. So far, silence. As of February 21st, the regulator had heard nothing back—with just days until the event.
This escalation marks a sharp turn in the Gaming Board's investigation. Last April, the board warned OneCoin about Norway's pyramid scheme laws. Months passed. No response. Now they're taking matters into their own hands.
"We want to be present at the event by senior affiliate Steinar Mjøs and senior affiliates Silje Sægrov Amble and sit as spectators to see for ourselves how the business is marketed in Norway," the Gaming Board wrote in the letter.
OneCoin is selling Saturday's six-hour event hard. Tickets run €29 for the basic package, €139 for VIP tickets that throw in lunch and dinner. The pitch promises attendees "confidence, knowledge and recognition" and a chance to make Norway "a prominent country in OneLife."
The Gaming Board's request reveals why they're worried. The regulator says it's been fielding complaints constantly. "Several inquiries in the form of tips and questions from private individuals, other government agencies and the media" have poured in, the letter states. That volume alone speaks to how aggressively OneCoin operates in the country.
The board specifically cited Section 16 of Norway's Lottery Act, which spells out what qualifies as a pyramid scheme. The message was unmistakable: OneCoin needs to explain itself or face consequences.
But the regulator's concerns go beyond warning letters. Norwegian banks are already moving. Sparebanken Vest, the country's third-largest bank, began blocking OneCoin transactions after consulting with the Gaming Board and the Financial Supervisory Authority.
"We equate OneCoin with cases of other similar pyramid schemes," a Sparebanken Vest employee told Aftenposten.
Other banks followed suit, either on their own initiative or under regulatory guidance, cancelling and blocking customer transfers to OneCoin. Bank officials cited two reasons: uncertainty about the currency's legitimacy and damage to their own reputations.
A Gaming Board representative confirmed the pattern. "Several Norwegian banks have been in touch with questions about whether OneCoin is legitimate," the representative said.
Whether Gaming Board investigators will actually make it to Saturday's event remains unclear. If OneCoin ignores the regulator's request for attendance, it's unclear what enforcement action might follow. But the message from Norway's financial system is already clear: OneCoin is not welcome here.
🤖 Quick Answer
What action is Norway's Gaming Board taking regarding OneCoin's Gardermoen event?Norway's Gaming Board, the country's MLM watchdog, has sent OneCoin a second letter demanding permission to attend a recruitment event at Gardermoen where the cryptocurrency scheme plans to pitch recruits. The regulator intends to attend as a spectator to monitor the event, following the company's silence on a previous warning letter about pyramid scheme violations.
Why did the Gaming Board escalate its investigation into OneCoin?
The Gaming Board escalated its investigation after OneCoin failed to respond to a warning letter sent in April regarding violations of Norway's pyramid scheme laws. Despite months of silence, the regulator proceeded to demand attendance at the upcoming recruitment event, marking a shift from written warnings to direct on-site oversight.
🔗 Related Articles
- PM International sues TV2 over pyramid & “sugar powder” claims
- BitConnect Ponzi scheme collapses, $2.4 billion wiped in 10 days
- NuLife Ventures sued by medical device supplier Avacen
- ACN halts recruitment in Europe (we don’t know why)
- BTG180 to hit Robert Craddock with legal action