The German financial markets and services regulator BaFin said it has banned the local partner of the MLM fraud OneCoin – IMS International Marketing Services GmbH. In a statement on its site, the regulator said it has ordered IMS International Marketing Services GmbH to terminate the financial transaction business with OneCoin traders, effective immediately. Furthermore, BaFin has blocked the bank accounts of IMS holding €29 million. According to estimates of the regulator, between December 2015 and 2016, IMS has collected from German investors €360 million in fees on behalf of OneCoin. The aforementioned €29 million are part of this sum.