FCA cautions against trading with virtual currency OneCoin

'Digital currency based on cryptography'

Victoria McKeever
clock • 1 min read

The Financial Conduct Authority (FCA) has warned consumers to be wary of trading with the virtual currency OneCoin, which claims to offer the chance to make money through the trading and 'mining' of virtual currencies.

Onecoin markets itself as ‘a digital currency, based on cryptography' - characteristics it would therefore share with higher-profile names, such as BitCoin and Blockchain. OneCoin has claimed its key benefits include having a finite amount of currency units, which means it is unaffected by factors such as inflation, and the fact it is not bound by a central bank. The FCA said: "This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers." Sin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

One in five adults have made panic-driven financial decisions

One in five adults have made panic-driven financial decisions

Link between financial education and levels of anxiety

Jaskeet Briah
clock 25 February 2026 • 1 min read
Who really owns the digital client relationship? From ownership to orchestration

Who really owns the digital client relationship? From ownership to orchestration

The battle for the digital layer

Tessa Lee
clock 23 February 2026 • 5 min read
Why more financial advisers should post on TikTok

Why more financial advisers should post on TikTok

‘In 2026, financial advisers should take another look at TikTok’

Joe Jordan
clock 23 February 2026 • 4 min read