Bitconnect Closes Down Exchange After Regulation Violations

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BitConnect announced that the company will be closing down its lending and exchange services in 5 days.

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“In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes,” Bitconnect explained in a press release.

Recently, Texas and North Carolina issued cease-and-desist letters to Bitconnect because the company 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 company wrote.

“These actions have become a hindrance for the legal continuation of the platform.”

Regardless of the cease-and-desist letters, Bitconnect reassured customers that its ICO will continue.

“This is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cyptocurrency services in the future,” the team wrote.

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