OneCoin's desperate hunt for a bank willing to do business with it just took them from Italy to Hong Kong in a matter of weeks.

The cryptocurrency scheme opened an account with Banca Monte dei Paschi di Siena two weeks ago. Within 24 hours, the Italian bank shut it down. The account vanished from OneCoin's website almost immediately, leaving little doubt about what happened: someone at the bank figured out who they were dealing with.

Now OneCoin is trying again, this time through China Construction Bank (Asia) Corporation Limited in Hong Kong. But they're not opening the account under their own name. Instead, they're using a shell company called Foshan Everbright Import & Export Company Limited.

The name is real enough. A Foshan Everbright does exist in Guangdong, China, where it operates as a legitimate manufacturer serving the ceramics, plastics, iron, and steel industries across the country. The company maintains what it describes as strong relationships with over a hundred suppliers and manufacturers in the region.

But the Hong Kong version appears to exist for one reason: moving money. OneCoin has no connection to import or export. It's a financial fraud scheme dressed up as a cryptocurrency. Creating a shell company in someone else's name—whether they bought the rights or paid someone to set up the entity—lets them funnel investor funds through a bank account that looks legitimate on paper.

This is the playbook for schemes like OneCoin. Regulators and banks catch on. The account gets closed. Then the operation simply finds another bank in another country and tries again with another fake company name.

China Construction Bank (Asia) operates 50 branches across Hong Kong and offers everything from consumer banking to cross-border financial services. It's a major banking operation with real legitimacy. Whether the bank knows it's processing funds for one of the world's most notorious cryptocurrency frauds is another question entirely.

The pattern is clear: OneCoin has exhausted or burned its welcome with banks that will scrutinize its activities. Each time a bank discovers what's really happening, the account closes within hours. So the scheme moves on, sets up another shell company, opens another account in another jurisdiction, and the cycle continues.

This is how international fraud operates in the modern banking system. It's not sophisticated. It's just persistent. OneCoin keeps getting rejected, but they keep trying. Eventually, they find a bank that either doesn't ask the right questions or doesn't have the systems in place to catch them—at least not immediately.

The question is how long before China Construction Bank (Asia) figures out what Foshan Everbright Import & Export Company Limited really is.

🤖 Quick Answer

Why did OneCoin's Italian bank account get closed?
Banca Monte dei Paschi di Siena terminated OneCoin's account within 24 hours of opening it. The bank identified OneCoin's nature as a cryptocurrency scheme and recognized the associated regulatory and reputational risks, leading to immediate account closure.

What strategy did OneCoin adopt after losing its Italian banking relationship?
OneCoin relocated its banking operations to Hong Kong, opening an account with China Construction Bank (Asia) Corporation Limited. To conceal its identity, the company registered the account under a shell entity named Foshan Everbright Import & Export Company Limited, a legitimate-appearing front company.

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