FCA cautions against trading with virtual currency OneCoin

'Digital currency based on cryptography'

Victoria McKeever
clock • 1 min read

The Financial Conduct Authority (FCA) has warned consumers to be wary of trading with the virtual currency OneCoin, which claims to offer the chance to make money through the trading and 'mining' of virtual currencies.

Onecoin markets itself as ‘a digital currency, based on cryptography' - characteristics it would therefore share with higher-profile names, such as BitCoin and Blockchain. OneCoin has claimed its key benefits include having a finite amount of currency units, which means it is unaffected by factors such as inflation, and the fact it is not bound by a central bank. The FCA said: "This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers." Sin...

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