Coinspace Scam Halted In Italy

The Italian CONSOB (Commissione Nazionale per le Società e la Borsa) or Italian Securities and Exchange Commission has halted coinspace1. com sales activities, a website which has been promoting the Coinspace Ltd. Coinspace scam in Italy.

The Coinspace scam is similar to the OneCoin scam. They are selling packages which generate coins that can in the future become valuable. After you buy a package, you recruit your friends and family to do the same thing. They run this scam this way so that they can say that they are not an investment. You are not investing, but buying digital coin mining.

Here are the details of why the Coinspace scam has been halted:


GIVEN law no. 216 of June 7, 1974 and subsequent amendments and additions;

Having regard to legislative decree no. 58 of 24 February 1998 and subsequent amendments and additions ( “FCA”);

Noting that, as a result of the activity carried out by the Consob supervision, have been acquired evidence about the conduct of promotional activity, addressed to residents in Italy, concerning the offer to the public ” of cryptocurrency extracting packages ” sold by Coinspace Ltd .;

Noting in particular that, as reported in the “Business Plan” published in site, written in Italian:

– Persons interested in participating in the initiative promoted by Coinspace Ltd., which would constitute ” a unique opportunity for those who like the idea of an independent financial future ,” are offered the opportunity to purchase various types of ” extracting packages ” , consisting of a quantity of ” coins ” already included in the ” package ” and the service ” data mining ” offered by the same Coinspace Ltd., which enables the daily extraction of a further quantity of ” coins “. The number of ” coins ” already included in the ” package ” and those to come every day ” extracted ” via the service ” data mining ” is directly proportional to the price of the ” extraction package ” bought;

– The purchaser of the ” extraction packages ” is given the option to earn a profit of 50%, reselling periodically Coinspace Ltd. the ” coins ” which he owns. Specifically, ” Every 14, and 28, the month the members are paid a fixed sum (if the members decide to sell the coins back to the company for a fixed guaranteed price of € 0.50 per coin). […] By selling the S-Coin coins back to the company in due time you can earn up to 50% profit within a year mining contract with Coinspace “;

– Some of the ” extraction packs ” also include the ability to ” earn every day even without extraction thanks to ‘”, ” offered project actions ” that grant the right to participate in the profits that will be made by Coinspace Ltd. ” after launch S-coin “, conceived by cryptocurrency Coinspace Ltd., currently waiting to be placed on the market;

– It is also given the option to purchase a limited number of ” packages ” of type ” Co-Founder ” that allow you to receive a ” 3% market share by total annual earnings of Coinspace “;

Noting, therefore, that the purchase of ” extraction packages cryptocurrency ” – explicitly presented as ” income opportunities ” – means that the buyer uses their own capital in order to achieve a consistent performance in a profit paid periodically by the company, connected with assumption of the risk related to the use of the capital entrusted to it;

ESTIMATED, therefore, that the ” extraction packages cryptocurrency ” proposed by Coinspace Ltd. seem to possess the characteristics of a financial product sub specie of financial investment, the notion of which implies the presence of: (i) the use of capital; (ii) an expectation of financial returns; (iii) the assumption of a risk connected to the use of capital;

Noting that the purchase of ” extraction of cryptocurrency packages “, the characteristics of which are indicated, it is promoted in standardized and uniform manner, thus putting users able to decide whether to buy them or not, thereby integrating the conditions of a ‘public offer of financial products defined in art. 1, paragraph 1, lett. t), the FCA as ” any communication addressed to persons in any form or by any means, presenting sufficient information on the terms and conditions of financial products offered so as to enable an investor to decide to purchase or subscribe to these financial products, including placement by authorized persons “;

DETECTED, following the investigations carried out on the internet , that the related initiative is promoted by the site, which contains the same information published by the Coinspace Ltd. within its site;

Noting in particular that the site: (i) are made of tenderer information ” extraction packages cryptocurrency “; (ii) it is encountered a communication that contains a representation of the characteristics of ” packages ” same; (iii) are a special link that refers to the site of Coinspace Ltd. and, specifically, to the page where it is possible to make a preliminary registration to the purchase of the ” packages “, as well as video tutorials designed to show users the procedure to be followed for the recording; (iv) are illustrated and highlighted the yields which could be achieved through the ” packages “, in order to encourage the purchase;

ESTIMATED, therefore, that through the internet site is carried out advertising activities aimed at promoting a commitment to the public offer of ” extraction packages cryptocurrency ” sold by Coinspace Ltd .;

Noting also that the advertising business is the public resident in Italy, as the contents in the above site are written in Italian;

CONSIDERING that Article. 101, paragraph 2, of the Uniform Financial Code states that: ” Before the publication of the prospectus has prohibited the dissemination of any advertising announcement regarding public offerings of financial products other than EU financial instruments “;

Noting that, in relation to the offer described, is not being published its prospectus;

CONSIDERING, therefore, that there is a reasonable suspicion about the conduct of its advertising activity for public offer of financial products in violation of the privacy law, and that that activity is still in progress;

CONSIDERING art. 101, paragraph 4, letter. b) of the FCA, which provides that Consob may, in cases of justified suspicion of violation of the provisions on advertising activities, ” temporarily suspend for a period not exceeding ninety days, the further spread of advertising relating to an offer concerning products other than those referred to in subparagraph a) [the Community financial instruments, ed] “;

WHEREAS, given the existence of these assumptions, this represents the urgency of adopting the measure identified above;

Noting that the site is registered by a person whose identity is concealed by a provider of services privacy ;

CONSIDERING, therefore, that, at present, it is not possible to identify the authors of the advertising done through this site;


And ‘suspended, as a precautionary measure, for a period of 90 days, the advertising activities carried out through the website its public offer launched by Coinspace Ltd. concerning ” Extraction packages cryptocurrency ” .

Pending the inability to identify the authors of advertising predicted, this resolution will be published only in the CONSOB Bulletin.

An appeal against this decision may be submitted to the Regional Administrative Court of Lazio within 60 days from the date of publication.

February 1, 2017

– Source Google translated version of CONSOB bulletin