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:
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.
About BBB National Programs: BBB National Programs, a non-profit organization, is the home of U.S. independent industry self-regulation, currently operating more than a dozen globally recognized programs that have been helping enhance consumer trust in business for more than 50 years. These programs provide third-party accountability and dispute resolution services that address existing and emerging industry issues, create a fairer playing field for businesses, and a better experience for consumers. BBB National Programs continues to evolve its work and grow its impact by providing business guidance and fostering best practices in arenas such as advertising, child-and-teen-directed marketing, data privacy, dispute resolution, automobile warranty, technology, and emerging areas. To learn more, visit bbbprograms.org.
About the Direct Selling Self-Regulatory Council: The Direct Selling Self-Regulatory Council (DSSRC), a division of BBB National Programs, provides independent, impartial monitoring, dispute resolution, and enforcement of false product claims and income representations made by direct selling companies and their salesforce members across digital platforms. The DSSRC seeks to establish high standards of integrity and business ethics for all direct selling companies in the marketplace.
Name: Jennie Rosenberg
Job Title: Media Relations