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Bitconnect exchange will close down after regulatory warnings

Bitconnect will close down its crypto lending and exchange platform in five days is owing to regulators’ warnings.

BitConnect.co website will operate for wallet service, news, and educational purposes. However, it will continue supporting BitConnect coin, which will be on a list outside exchanges to offer trading options. At the same time, BitConnect X will still hold an ICO as planned (from January 10) and operate as an exchange where BitConnect Coin will be listed.

Customers can now withdraw their BitConnect coin from their QT wallets.

With the release of your entire active loan in the lending wallet, we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD. This rate has been calculating based on last 15 days averages of the closing price registered on coinmarketcap.com.

Also Read: Bitconnect gets cease order from Texas State Securities Board

The company, which received a cease order on early January to close down in five days, said the two terminate orders received from Texas State Securities Board and one from the North Carolina Secretary of State Securities Division, were making it difficult to continue the service legally.

They also said continued lousy press had created lack of confidence in the platform. Thus the fact that outside forces were carrying out DDos attacks on the platform telling this would keep.

Texas State Securities Board blamed BitConnect for failing to submit necessary documents. And also for using sales agents” or “affiliates” to lead Texas residents to invest in BCC. The order required BitConnect to seize these operations within 30 days of receiving the order. It also stated that BitConnect could request a hearing for 30 days after serving with the law.

 

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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