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According to OneCoin, its main business is selling educational material for trading. Members are able to buy educational packages ranging from 100 euros to 118,000 euros. Each package includes „tokens“ which can be assigned to „mine“ OneCoins. OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. Each level (except six and seven), or package, gives new educational material, which is plagiarized from several sources. The company and its recruiters claims that OneCoin doesn’t sell cryptocurrency but only educational material. However, in a typical OneCoin recruiting meeting most of the time recruiters talk about investing in cryptocurrency and the educational material is barely even mentioned.[original research?]

Currently there is no way to exchange onecoins to any other currency. Previous to January 2017 the only way to exchange onecoins to any other currency was OneCoin Exchange, xcoinx, an internal market place for members who had invested more than just a starter package. This service was shutdown without warning in January 2017. While it was functioning, onecoins could only be exchanged for euros, which were placed in a virtual wallet from which they could be requested for wire transfer. The market place had daily selling limits based on which packages the seller had invested in, which greatly limited the amount of onecoins which could be exchanged. On 1 March 2016, without a prior warning, OneCoin issued an internal notice that the market would be closed for two weeks for maintenance. The notice explained that the maintenance was necessary due to high amount of miners and for „better integration with blockchain“.On 15 March 2016, after the two-week maintenance, the market opened again but no visible changes had been done; most of the transactions expired as before and daily limits stayed on.

Legal issues and criticism
In December 2016, The Italian Antitrust Authority (Autorità Garante della Concorrenza e del Mercato) „adopted an interim injunction against the company One Network Services Ltd., active in the promotion and dissemination of cryptocurrency OneCoin…“, and its representatives in Italy, describing their activities as an „illegal pyramid sales system“ („sistema di vendita piramidale vietato dalla legge“), and ordering them to cease promoting and selling OneCoin in Italy On 27 February 2017, after concluding their investigation, AGCM banned all activity on OneCoin until further notice.
In February 2017 German Federal Financial Services Supervisory Authority, BaFin, froze all the remaining active bank accounts that were used laundering money for OneCoin network. Total of 29 million euros remains frozen on these accounts. Also, BaFin ordered IMS International Marketing Services GmbH to cease all unauthorized money transactions related to OneCoin and to return the most recent money transactions to their investors.18 April 2017 BaFin ordered OneCoin Ltd to cease all the business in Germany. 27 April BaFin banned trading in OneCoins. Also, OneLife Network Ltd and One Network Services Ltd were ordered to cease their business in Germany. On 9 May 2017 Bielefeld public prosecution office started investigations against 7 people in power of International Marketing Services GmbH (IMS) in Greven, Germany, for organized fraud and money laundering. According to the prosecutors IMS had received 360 million Euros from German investors during the time period December 2015 to December 2016, of which 29 million were still in bank accounts that were frozen.

On 23 April 2017, Indian police arrested 18 people in Navi Mumbai for organizing a OneCoin recruitment event. The police attended the event undercover to judge the accusations before they decided to act. Further investigation has been started to reveal the higher levels of the pyramid. In May, the investigation recovered Rs 24.57 crores ($3.66 million USD) in nine bank accounts. A further Rs 75 crores ($11.16 million USD) was transferred out before authorities were able to seize it.Beginning of May, two more people were arrested and Rs 24 crores ($3.57 million USD) were seized from bank accounts. A special investigation team was formed with four Assistant Police Inspectors and 15 personnel under Senior Police Inspector Shivaji Awate to follow the money trail for further arrests.

29 May 2017 International Financial Services Commission of Belize (IFSC) issued a warning about OneLife Network Ltd conducting trading business without license or permission from IFSC or any other authority. OneLife Network Ltd was directed to cease and desist from carrying on with the illegal trading business.