Direct Selling Self-Regulatory Council Refers iCoinPro Earnings Claims to the FTC and Nevada Office of the Attorney General for Possible Enforcement Action
McLean, VA – July 5, 2023 – The Direct Selling Self-Regulatory Council (DSSRC) of BBB National Programs has referred direct selling company iCoinPro to the Federal Trade Commission (FTC) for possible enforcement action. The referral comes after iCoinPro failed to substantively respond to a DSSRC inquiry into aggressive earnings claims made on social media by iCoinPro salesforce members and on the iCoinPro public website.
DSSRC is an independent national advertising self-regulation program that monitors advertising and marketing claims in the direct selling industry. iCoinPro is a multi-level direct selling company that markets education, information, and training for cryptocurrency services.
At issue are social media earnings claims as well as testimonial claims on the iCoinPro website indicating that iCoinPro salesforce members can earn significant income and achieve financial freedom by participating in the iCoinPro business opportunity. Claims included:
- “With the launch of our new and improved iCoinPro 2020 system you can potentially make money with bitcoin and crypto currencies literally anywhere - on the Beach, at the Pool, or at Home on your computer, any where you choose! The world is your oyster…” Video with copy stating “People are making a FORTUNE with cryptocurrency all over the world”
- “Being debt free and living comfortably without the worry of financial obligations is all we've wanted and to live it now is a blessing!”
- “Create time and financial freedom”
- “Are you needing more financial freedom? Have you ever heard of Better Crypto/iCoinPro? I have a great opportunity for you right now! Many have been doing very well in this space and are planning on building a big team in this.”
- “If you're interested in the future of money or want to be able to get some extra income or replace your own and live free from a day job take a look at this educational program.”
- “I worked a 9 to 5 job for 20 plus years! Did I find it rewarding? NO…I share my journey to show others that there’s opportunity beyond 9 to 5 job, opportunity to gain extra funds if that’s what you need, opportunity to be your own BOSS!!”
- “Earn 4k a month without enrolling a single person”
- “Financial Freedom is knocking. And it's name is THE MICRO PROFIT SYSTEM.”
- “This program has helped me make profits daily whether the market is up or down. You can also earn residual commission income.”
- This is a perfect opportunity for you to invite your friends, family and anyone else that wants to see how we are teaching people the skills they can use to make a full time income from the comfort of their own home.
DSSRC expressed its concern that such earnings claims convey the message that the typical salesforce member can generally expect to earn significant, if not life-changing, income. After the inquiry was opened, DSSRC continued to identify additional claims proliferating on social media and the iCoinPro website stating that potential salesforce members can earn significant income from participating in the iCoinPro business opportunity.
Despite multiple attempts by DSSRC to engage with iCoinPro, the Company failed to substantively respond to DSSRC’s inquiry and made no efforts to substantiate the claims or meaningfully participate in the self-regulatory process. Pursuant to DSSRC Policies and Procedures, iCoinPro has now been referred to the FTC and the Nevada Office of the Attorney General for possible enforcement action.
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