Italy’s CONSOB bans the Coinspace scheme from advertising

Italy’s CONSOB bans the Coinspace scheme from advertising

coinspace

Italy’s financial markets and services regulator CONSOB has issued a notice informing that it permanently prohibits the website www.coinspace1.com from advertising its “ cryptocurrency extraction packages” via the aforementioned site. The final decision follows an earlier 90-day suspension from this February.

CONSOB does not provide further details neither about the company, nor about the service, but our investigation reveals that Coinspace is a multilevel marketing scheme similar to the OneCoin scam. Coinspace claims to offer a cryptocurrency called Scoin and membership packages. The scheme operates through several websites, such as coinspace.eu, coinspacedotcom.coinspace.biz, several blogs, Facebook pages and YouTube channels and promises impressive earnings, luxury cars, boats and trips to its members.

According to several review sites, Coinspace is yet another Ponzi scheme.

The company claims to be based in Malta. The Malta Financial Services Authority (MFSA), however, has already issued a warning that Coinspace Ltd. is not licenced or otherwise
authorised by the MFSA to provide any investment or other financial services in or from
Malta, which are required to be licenced or authorized under Maltese law. “The public should
also be aware that any investment opportunities promoted by Coinspace Ltd. are likely to be of a
risky nature with a high risk of loss of money”, the MFSA said.

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