OneCoin cryptocurrency scheme not direct focus of probe, govt says

New Zealanders who claim to have been scammed by a multibillion-dollar cryptocurrency scheme are disappointed the government has decided not to investigate it.

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The OneCoin, or OneLife, scheme has attracted investors worldwide by advertising itself as an educational service and get-rich-quick scheme.

Several governments have labelled it a scam, and in the US its leaders have been charged with fraud.

OneCoin denies any wrongdoing and claims it has no responsibility for its so-called “independent contractors” who onsell its product.

But in New Zealand, no direct investigations into the cryptocurrency have been launched.

A spokesperson for the Commerce Commission said it “looked into” the Belgium-based OneCoin last year after contact from police, but it decided not to proceed with an investigation.

“It was clear that the scheme was no longer operational in New Zealand and there was likely to be little prospect of obtaining compensation for participants in the…