Dear The Financial Conduct Authority,

Please could you let me know:

A. What warnings you are making to the public that Onecoin is a Ponzi scheme, in the light of its description by the US Department of Justice as 'a massive pyramid fraud scheme...[intended] to defraud investors'?

B. What assessment you have made of the number of people who have invested in Onecoin in the UK?

Yours faithfully,

Rob Blackie.

The Financial Conduct Authority

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The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

3 Attachments

Our Ref: FOI7031

 

Dear Mr Blackie  

 

I refer to your request under the Freedom of Information Act 2000 (“the
Act”) for the following information:

 

“A. What warnings you are making to the public that Onecoin is a Ponzi
scheme, in the light of its description by the US Department of Justice as
'a massive pyramid fraud scheme...[intended] to defraud investors'?

 

B. What assessment you have made of the number of people who have invested
in Onecoin in the UK?”

 

I am sorry to inform you that we are still processing your request for
information and therefore will not be in a position to answer it fully by
today’s deadline.

 

We will endeavour to respond to you as soon as possible.

 

In the meantime, I thank you for your understanding and patience.

 

 

Yours sincerely

 

 

 

Information Disclosure Team / Cyber and Information Resilience Department
/ Operations

[1]Description: cid:image001.png@01D2A7C9.64DDD390

12 Endeavour Square

London

E20 1JN

 

[2]www.fca.org.uk

 

Follow us:

 

[3]Description: https://g.twimg.com/Twitter_logo_blue.pn...
image003

 

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
2. http://www.fca.org.uk/
3. https://twitter.com/TheFCA
4. https://www.linkedin.com/company/financi...

Freedom of Information, The Financial Conduct Authority

1 Attachment

FOI7031 -  Right to know request

 

 

Dear Mr Blackie,

Freedom of Information: Right to know request

Thank you for your Freedom of Information request of 23 January 2020 about
Onecoin. For the reasons set out below we are unable to provide the
information requested.

You asked:

A. What warnings you are making to the public that Onecoin is a Ponzi
scheme, in the light of its description by the US Department of Justice as
'a massive pyramid fraud scheme...[intended] to defraud investors'?

B. What assessment you have made of the number of people who have invested
in Onecoin in the UK?

Please accept our sincere apologies for the delay in responding to you.

Point A

If the FCA considers that an unauthorised firm is carrying on activity
potentially falling within its jurisdiction, the FCA may publish a
consumer alert on its website about the firm and take steps to have the
firm’s website disabled.

The FCA publishes general consumer warnings and specific warnings about
crypto-asset investment scams on the Scamsmart pages of its website:
[1]https://www.fca.org.uk/scamsmart  and
[2]https://www.fca.org.uk/scamsmart/cryptoa...

The FCA has no current public warnings concerning Onecoin listed on its
website because the FCA does not have jurisdiction over the crypto-asset
activities Onecoin carried on.  The transfer, purchase and sale of
exchange tokens involving consumers all fall outside the FCA’s remit.  

The FCA regulates certain types of crypto-assets that are part of a
regulated product or service, such as derivatives that reference either
cryptocurrencies or tokens issued through an initial coin offering.  The
activities which Onecoin carried on did not relate to a regulated product
or service.  As well, from 10 January 2020, the FCA was made the
anti-money laundering and counter-terrorist financing supervisor of
crypto-asset businesses carrying on specified activities and given
statutory powers for this purpose.  The FCA cannot apply these powers
retrospectively in relation to misconduct that occurred before 10 January
2020.  You can find out more about the FCA’s remit over crypto-assets from
the following:

[3]https://www.fca.org.uk/cryptoassets-aml-...

[4]https://www.fca.org.uk/publication/feedb...

[5]https://www.fca.org.uk/news/statements/c...

[6]https://www.fca.org.uk/news/statements/i...

Point B

The FCA does not have jurisdiction over Onecoin’s activities and so does
not hold the information requested.

If you are unhappy with the decision made in relation to your request, you
have the right to request an internal review.  If you wish to exercise
this right you should contact us within 40 working days of the date of
this response.

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner, who can be
contacted at:

 

 

Information Commissioner's Office,
Wycliffe House,
Water Lane,

Wilmslow,

Cheshire

SK9 5AF.

 

Telephone: 01625 545 700

Website: [7]www.ico.org.uk

 

Thank you for your interest in the FCA

Yours sincerely,

Information Disclosure Team

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
1. https://www.fca.org.uk/scamsmart
2. https://www.fca.org.uk/scamsmart/cryptoa...
3. https://www.fca.org.uk/cryptoassets-aml-...
4. https://www.fca.org.uk/publication/feedb...
5. https://www.fca.org.uk/news/statements/c...
6. https://www.fca.org.uk/news/statements/i...
7. http://www.ico.org.uk/