On Tuesday, Bitconnect has announced that they will no longer be lending anymore and they are also shutting down their exchange platform. The website will remain open as users will need to collect their funds from their digital wallets. There are a few reasons why Bitconnect has decided upon closure. Texas’ securities regulators have accused Bitconnect as being fraudulent and not being able to verify their source of funds or principals. Bitconnect promised to pay their members a total of 120% in interest. Without verification, Texas and other states such as North Carolina, have found this to be fraudulent. Therefore, Bitconnect was banned from the mentioned areas. Bitconnect made comment that these legal issues have caused a hindrance for the continuance of their platform. Bitconnect has also stated that outside forces have infiltrated their platform, causing panic and fear for the investors. This bad press has made the Bitconnect community feel a lack of confidence for the platform. Other cryptocurrency moguls have also publicly participated in their distrust for the exchange. Charlie Lee, founder of Litecoin, declared that he refused to invest in Bitconnect, and feels that it is a ponzi scheme. Although Bitconnect will be shutting down its exchange platform, it will still be offering its coin/token Bitconnect Coinc (BCC).
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