OneCoin tells Norway it has no information on local affiliates
OneCoin is stonewalling Norwegian regulators trying to investigate one of the world's biggest cryptocurrency frauds.
The Norwegian Gaming Board began looking into OneCoin in April 2016. They sent repeated requests for basic information about the company's business practices. OneCoin ignored them all.
By mid-2017, the Gaming Board specifically asked for details on OneCoin's Norwegian affiliate network. The response was absurd: OneCoin claimed it had "no business in Norway"—this despite having thousands of active affiliates in the country actively recruiting investors.
When regulators approached OneCoin affiliates directly at an event in Gardermoen, they demanded accounting records and proof of revenue. They wanted to see where the money was actually coming from.
OneCoin's answer exposed the entire scheme.
The company said it had no accounting figures to disclose. None. Zero. It claimed income came only from selling "educational packages" to affiliates—a transparent lie that OneCoin has used for years to obscure what everyone knows: this is a pyramid scheme where new recruit money pays commissions to those above them.
Here's where it gets worse. The Gaming Board knows OneCoin has around 5,000 affiliate investors in Norway alone. The company refuses to say how much money these people have poured in or where that money went.
This matters because OneCoin's entire business model is affiliate investment. There is no external revenue stream. No actual products being sold to real customers. No legitimate source of income. Money from new recruits goes directly to paying commissions to existing members—the textbook definition of a pyramid scheme.
OneCoin ran this machine for years, allegedly collecting billions globally. Until January 2017, they even used affiliate investment to pay out fake "ROI" returns to members—a tactic that finally collapsed when the money dried up.
Yet OneCoin wants the Gaming Board to believe they operate with zero internal accounting. No records. Nothing. This from a company that is centralized, that processes member payments, that tracks commissions. The logistics of running OneCoin without any accounting would be impossible.
The evasion is deliberate. Providing real accounting figures would instantly confirm what regulators and fraud investigators worldwide already know: OneCoin is a criminal enterprise designed to funnel money from desperate investors to its founders.
OneCoin's founder Ruja Ignatova disappeared in 2017 as investigations tightened globally. Her brother Konstantin and other executives have been arrested. Yet the company continues to stall, lie, and refuse cooperation with every regulator that comes asking questions.
The Gaming Board is still waiting for answers it will almost certainly never get.
🤖 Quick Answer
What was OneCoin's response to Norwegian Gaming Board inquiries about its affiliate network?OneCoin claimed to have no business operations in Norway, despite maintaining thousands of active affiliates in the country engaged in investor recruitment. This response contradicted evidence of substantial local business activity and was widely regarded as evasive stonewalling by regulators investigating potential fraudulent cryptocurrency schemes.
Why did Norwegian regulators investigate OneCoin starting in April 2016?
The Norwegian Gaming Board initiated investigations into OneCoin due to suspicions regarding one of the world's largest cryptocurrency fraud schemes. Authorities sought basic information about the company's business practices and operational structures to assess regulatory compliance and consumer protection concerns.
How did OneCoin respond to direct regulatory requests for documentation?
When regulators directly approached OneCoin affiliates at Gardermoen events, they demanded accounting records and revenue proof. OneCoin consistently ignored repeated requests for basic business information
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Ruja Ignatova