BitConnect Shutters Crypto Exchange Site After Regulator Warnings
From Coindesk
The company behind the controversial cryptocurrency BitConnect has announced that it will close down its lending and exchange platform.Read more: https://www.coindesk.com/bitconnect-shutters-crypto-exchange-site-regulator-warnings/BitConnect’s lending service will be shuttered, effectively immediately, while its exchange platform will close in 5 days, according to a post on its website published Tuesday.
“In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes,” the post explained.
The announcement blames a myriad of factors, perhaps most notably the cease-and-desist letters issued in recent days from regulators in Texas and North Carolina.
Both letters stated that BitConnect was engaging in the sale of unregistered securities tied to a token sale.
“We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division,” the BitConnect team wrote. “These actions have become a hindrance for the legal continuation of the platform.”
Good riddance. Bitconnect is a cancer that needs to be cut out of the crypto ecosystem so we can heal and thrive. Currently BCC has crashed to around $30 on the limited exchanges that trade it. This is the beginning of the end. The coin might live on and carry it's stink forever but the ponzi is ending.
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Heard about bit connect crashing, its a good thing,it puts a stop to fraudulent activities!
We need to cut off all the cancer. I wonder which one could be next.
Unfortunately there are many people who got caught up in this Ponzi scheme. Hopefully we can hear more from them whether they get through this without loosin everything.
Resteemed!
I'm happy that the space is being cleansed. However, we know that they're going to finish their bitconnectX ICO. Hopefully, people will be well aware of the name Bitconnect and anything attached to it.
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