Swisscoin Scam Warning
Unregulated digital currencies are the prefect tool for scammers to take advantage of people. With the shutdown of GemCoin as a highlight, digital currencies have become a common component of online scams. My subscribers have requested that I take a look into Swisscoin. Here is what I have found.
“It is possible that in a few years physical banks will no longer exist, and there will come a new era of digital money. Don’t miss a chance to capitalize on the new cryptocurrency SwissCoin at its very beginning.” – SwissCoin
Here is how this money making opportunity is presented:
Euro Solution GmbH is the company behind Swisscoin.
Address: Alte Steinhauserstrasse 1, 6330 Cham
FINMA is Switzerland’s independent financial-markets regulator. FINMA maintains and publishes a warning list of companies and individuals who may be carrying out unauthorised services and are not supervised by FINMA. Swisscoin has been placed on this list.
The SEC in Nigeria has issued the following warning about Swisscoin:
The Commission, wishes to alert the public that none of the persons, companies or entities promoting cryptocurrencies has been recognized or authorized by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria. The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, whilst others may be outright fraudulent pyramid schemes.
Swisscoin is running a scam that is nearly identical to OneCoin. They are selling educational packages which include tokens that can in the future become digital coins. They run this scam this way so that they can say that they are not an investment. You are not investing, but buying educational products. This helps them avoid being shutdown by regulators.
Swisscoin is not a decentralized cryptocurrency. It is controlled by the company and may not have any value in the future.
The company claims to handle the mining process that takes tokens and converts them into coins. This is just the smoke and mirrors that allows them to control the money that enters this Ponzi scheme and when it is released to old investors. with Swisscoin 60% of the commission paid out is withdrawable, the remaining 40% must be reinvested.
This company is using the popularity of Bitcoin to get people to purchase investment packages in a valueless coin that is controlled by them. This is a Ponzi scheme that includes recruiting and MLM to maximize the amount of people that are brought into this scam.
They run you through a complex customer verification process that exposes you to identity theft.
The KYC-Procedure (Know Your Customer)
What must a SWISSCOIN member do to conclude this process?
The KYC process begins from now on. At that time the members are obliged to log in according to their back office accounts where they are guided how to proceed with the KYC process. These indications contain instructions for the documentation which must be submitted. We intend to have concluded this process on the 01st of September, 2016.
Which kinds of documents are allowed to ascertain the identity in this process?
According to the KYC norms two categories are collected by documents – one is a photographic proof of the identity and the other is a proof of the residence. According to status of the members account namely individual, group, business etc. different kinds of documents are allowed. The information on the forms should agree with the information provided in the members accounts. In the following the necessary KYC documents are listed for the different categories by members. Dear members!
Please note that you must upload the front and back pages of the password in 2 separate fields and the proof of address. Only after uploading of all 3 files you can continue the KYC process
Photographic identity (more legally / N name / N and all the other used names)
Electoral identity card
Utility Bill like phone, electricity etc. (not older than 3 months)
Bank statement / savings book
official writing of the public administration with letterhead, e.g., confirmation of the registration office
Name of the enterprise
Location of business
Address of the enterprise
Identity of the signatories
Certificate of Incorporation
Articles of Incorporation
Certificate of the ultimative economic owner
Personal societies, groups and endowments:
Legal name and address
Identity of all partners and their address
Identity of the signatories
Certificate of the ultimative economic owner
Which steps must I take now to complete everything?
Log in according to your members back office account.
Make sure that your registered given name and surname is the same one, like on the documents which you submit for your personal account. (These both fields should contain only English signs.)
Make sure that also your email address and phone numbers are correct (these are compelling).
Tip: The bank account is not necessary and, hence, was left out for this process. There is from the 01st of January, 2017 a unique handling charge of 10€ for every personal account for this KYC process. This fee is drawn off automatically unique during the process from your personal account. This happens on account of the extensive administrative costs of third who are involved in this process.
Anonymous transactions are not permitted and the enterprise SWISSCOIN keeps strictly to anti-money-laundering directive and the realisation of procedure KYC in all aspects of their activity.
Trainee 25€ – 200 tokens and 1 Split
Tester-50 50€ – 500 tokens 1 Split
Tester-100 100€ – 1000 tokens 1 Split
Tester-250 250€ – 2500 tokens 1 Split
Tester-500 500€ – 5000 tokens 1 Split
Trader-1000 1000€ – 10,000 tokens 2 Splits
Crypto-Trader 2500€ – 25,000 tokens 2 Splits
Crypto-Maker 5000€ – 60,000 tokens 2 Splits
Crypto-Broker 7500€ – 90,000 tokens 3 Splits
Crypto-Manager 10,000€ – 120,000 tokens 3 Splits
Crypto-Director 15,000€ – 200,000 tokens 3 Splits
There is a 25€ administration fee due on the first package you purchase.
5 Income Opportunities
10% Direct Bonus
10% Fast Start Bonus
Up to 22% Team Bonus
One time qualification by 2 directly mediated Partner First Line, who bought at least one training pack for 25€. All BV’s are cumulated for all times. Team Bonuses are settled daily.
– 2% from 1.000 BV
– 4% from 5.000 BV
– 6% from 10.000 BV
– 8% from 25.000 BV
– 10% from 50.000 BV
– 12% from 100.000 BV
– 14% from 250.000 BV
– 16% from 500.000 BV
– 18% from 1.000.000 BV
– 20% from 5.000.000 BV
– 22% from 10.000.000 BV
Matching Bonus up to 20% and up to 11 levels deep
Matching bonus on the earnings of your own partners + unique qualification + daily settlement.
– 10% on the 2nd level
– 15% on the 3rd level
– 20% on the 4th level
– 15% on the 5th level
– 10% on the 6th level
– 5% on the 7th level
– 4% on the 8th level
– 3% on the 9th level
– 2% on the 10th level
– 1% on the 11th level
Diamond pool with 1% of the worldwide turnover
Depending on the career level you will receive 1-7 units from the Diamond Pool. The Diamond pool is paid 2 times a year.
Diamond: 100.000 BV, 1 Ruby – 1 units from Diamond-Pool
Blue Diamond: 250.000 BV, 1 Emerald – 2 units from Diamond-Pool
Green Diamond: 500.000 BV, 1 Diamond – 3 units from Diamond-Pool
Purple Diamond: 1.000.000 BV, 2 Diamond – 4 units from Diamond-Pool
Red Diamond: 5.000.000 BV, 5 Diamond – 5 units from Diamond-Pool
Black Diamond: 10.000.000 BV, 10 Diamond – 6 units from Diamond-Pool
Double Black Diamond: 50.000.000 BV, 20 Diamond – 7 units from Diamond-Pool
Bonus and career levels remain forever.
Almost all commissions paid out by Swisscoin are split using a 60%/40% ratio.
60% of the commission paid out is withdrawable, the remaining 40% must be reinvested.
Neither a certain income nor any particular profit or success is guaranteed to the business partner.
Swisscoin Scam Conclusion
In my opinion, Swisscoin is a Ponzi scheme that is linked with a pyramid recruiting scheme disguised as a new digital currency. They use the history of the increasing value of bitcoins to sucker you into their scam. Each individual who profits does so primarily from the payments of others who are themselves making payments in order to obtain their own profit. Avoid the Swisscoin scam.