A Polish parliamentary inquiry has triggered a consumer protection investigation into OneCoin, the cryptocurrency scheme that has been bleeding through bank accounts across Europe as regulators close in.
On July 27th, Mirosława Suchonia asked the Polish Ministry of Justice whether OneCoin was breaking the country's banking laws. The response came back on September 13th: OneCoin wasn't violating banking regulations, mainly because the company doesn't actually conduct banking operations in Poland. But investigators found something else. The National Prosecutor's Office uncovered potential violations of Poland's unfair market practices laws and passed the findings to the Office of Competition and Consumer Protection. That office has now launched a formal investigation, with the National Prosecutor's Office still gathering evidence.
The timing coincides with OneCoin's latest banking scramble. Last month, Deutsche Bank kicked out the company following German regulatory investigations. OneCoin was left with accounts at United Overseas Bank in Singapore and Bank of Africa in Tanzania. Now it's opened a new account at Banca Monte dei Paschi di Siena in Italy under the shell company name "EDUCAMAX SERVICES SRL."
This pattern reveals how OneCoin operates. It solicits deposits up to €118,000 on promises of returns exceeding 100 percent. Those returns get paid from money invested by new recruits—the textbook structure of a Ponzi scheme. To evade money laundering detection, OneCoin deliberately avoids using its own name when opening accounts. Educamax Services SRL marks the first public use of this particular shell company. Previously, OneCoin used International Marketing Services Pte. Ltd.
The Italian connection runs deeper. The Steinkeller brothers, who control one of OneCoin's largest investor networks, are based there. A week ago, BusinessForHome reported that the brothers were extracting $2 million a month from their fellow investors in the scheme.
Whether OneCoin has abandoned its Singapore and Tanzania accounts remains unclear. What's certain is that the company keeps moving. Each new bank account, each new shell company name, each new jurisdiction represents another attempt to stay one step ahead of regulators who are finally catching up.
🤖 Quick Answer
What triggered the consumer protection investigation into OneCoin in Poland?A parliamentary inquiry by Mirosława Suchonia on July 27th prompted the Polish Ministry of Justice to examine OneCoin's compliance with banking laws. Although the company was found not to violate banking regulations, the National Prosecutor's Office discovered potential violations of Poland's unfair market practices laws, leading to a formal investigation by the Office of Competition and Consumer Protection.
Why was OneCoin cleared of banking law violations in Poland?
OneCoin was not found to be violating Polish banking regulations because the company does not conduct actual banking operations within Poland. The investigation concluded that without conducting banking activities, OneCoin fell outside the scope of banking law enforcement, despite operating cryptocurrency schemes across European markets.
What type of violations did Polish investigators uncover regarding OneCoin?
The National Prosecutor's Office identified potential violations of Poland's unfair market practices laws
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