BitConnect Shuts down the Exchange Site After Controllers Warnings 

Suzette Paulsen

Suzette Paulsen

January 17, 2018 7:26 am

BitConnect Shuts down the Exchange Site After Controllers Warnings | Coindelite News
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BitConnect Shuts down the Exchange Site After Controllers Warnings

The company behind the debatable cryptocurrency BitConnect has declared that it will shut down its loaning and exchange platform.

BitConnect’s loaning service will be shut down, while its exchange platform will shut in 5 days, as indicated by a post on its site distributed Tuesday.

The post clarified:

“In short, we are shutting loaning service and exchange benefit while site will work for wallet service, news, and educational purposes.” 

The declaration accuses a mass of features, maybe most notably the cease-and-desist letters issued as of late from controllers in Texas and North Carolina.

The two letters expressed that BitConnect was taking part in the offer of unregistered securities tied to a token sale.

The BitConnect group composed:

“We received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division, these activities have turned into a block for the legitimate continuation of the platform.” 

The post likewise blamed “terrible press” that has “made group individuals uneasy and made an absence of trust on the stage.”

BitConnect has been blamed for constituting a Ponzi scheme, and a few figures in the space, including the author of Ethereum, Vitalik Buterin, have demanded reactions against it in recent months.

The BitConnect group additionally blamed a string of committed DDoS.

Earlier Jan. 13, BitConnect’s Twitter account has pointed the finger at DDoS assaults on issues with its site.

However regardless of the stop this instant letters, BitConnect said that its advance beginning of initial coin offering (ICO) will proceed and that it is building a different exchange for the BitConnect token.

The group added:

“This isn’t the finish of this group, however, we are shutting a portion of the services on the site platform and we will keep offering other cyptocurrency[sic] benefits later on.” 

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