The British Financial Conduct Authority (FCA) has removed the warning about the OneCoin pyramid from its website under the pressure of lawyers, report the authors of the podcast “The Lost Crypto Queen” on BBC Sound.
The story is even crazier than we thought.
— Jamie Bartlett (@JamieJBartlett) July 29, 2020
Journalists Jamie Bartlett and Georgina Kath met with attorney Gary Guilford who was hired by OneCoin to set up a London family office to manage the assets of the project’s founder, Ruja Ignatova.
Frank Schneider, a partner at OneCoin, recruited law firm Carter-Ruck and reputation management firm Chelgate to pressure FCA, he said.
As soon as the warning about potential fraud disappeared from the regulator’s website, OneCoin representatives used it for a PR campaign. For many victims, this has become a compelling argument for the pyramid, Bartlett said.
The FCA said that it does not regulate cryptocurrency assets, so they did not engage in the OneCoin case.