Kryptomoney.com recently learned, that last week German Federal Financial Supervisory Authority freezeed bank accounts of a firm involved in One Coin crypto currency which was operating like a money transfer business entity, without any license.
The firm, IMS International Monetary Services GmbH, a private company located in Germany was involved in transfer of funds on behalf of One Coin affiliates. The company would use to collect funds from any local person of Germany who wish to purchase One Coin in exchange of fiat currencies and then transfer the funds to other entities outside Germany.
BaFin, the German federal Financial Supervisory Authority mentioned that such kind of activities qualifies as a money transfer business , for which licensing is required.
BaFin also mentioned that IMS collected sums amounting to €360 million between December 2015 and December 2016. At present the balance of the freezed account is €29 million.
IMS has been imposed a penalty of €1.5 million which amounts to around INR 10.33 crores, plus a ban.
One Coin is facing some serious negativity around the globe. Some countries had already declared it as a ponzi scheme and has cautioned public to not to invest in .
Still one coin is gaining momentum and is expected to enter live markets by 2018.
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