China to Prosecute 98 Over Alleged $2B OneCoin Scam

According to the prosecutor said that the scheme involved up to 2 million victims
23 May 2018   1060

In China, charges have been brought against the last four suspects in the case of the cryptocurrency pyramid, which allowed the perpetrators to collect $ 2 billion, CoinDesk reports.

According to a statement issued by the Supreme People's Procuratorate of China, the prosecutor's office of Hunan Province brought charges against four persons in connection with the case of the crypto "investment" scheme Weika Coin. Outside of China, it is known as OneCoin.

The statement says that the trial began in September 2017, and since that time the proceedings have already gone through three stages. The case totals 98 suspects, which are accused of deceiving investors from 20 Chinese provinces. Some of the accused have already received up to five years of imprisonment and fines ranging from 10,000 to 5,000,000 yuan (1,565 -783,000 US dollars).

According to the prosecutor, in China the scheme has 140 levels and consists of 7 main pyramids, the victims of which were 2 million people. The total amount of funds received from investors, according to the report, is 15 billion yuan (about $ 2 billion). About 1.7 billion yuan ($ 266 million) were returned.

The fight against the OneCoin crypto "investment" scheme, founded by Ruja Ignatova, is being conducted by the police and regulators not only of China, but also of other countries.

The authorities of India in April last year arrested several suspects associated with this scheme, and in July, they brought charges against Ignatova herself.

In addition, the Special Prosecutor's Office of Bulgaria recently joined the investigation of OneCoin's activities carried out by European and American counterparts.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   246

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.