Tuesday,  Oct 23, 2018,19:30 (GMT+7) 0 0
Bitconnect shuts down lending and exchange platform
The Saigon Times Daily
Thursday,  Jan 18, 2018,17:05 (GMT+7)

Bitconnect shuts down lending and exchange platform

The Saigon Times Daily

HCMC – Bitconnect, a cryptocurrency lending platform, has announced the shutdown of its lending program and exchange platform, news website Vietnamnet reported, citing a statement on BitConnect website.

BitConnect will stop lending immediately, and transfer all outstanding loans to BitConnect e-wallet.

BitConnect exchange platform will be closed in five days. The firm is suspending its lending and exchange services while BitConnect.co website will operate for e-wallet services, news and educational purposes only.

The firm said the closing of the lending and exchange platform would allow BitConnect to be listed on large exchange markets such as Bittrex and Binance.

It does not mean the firm will stop supporting BitConnect coin. It will continue providing other cryptocurrency services in the future despite the closing of some services on the website.

BitConnect, also known as a multi-level marketing program, is one of the most popular lending platforms in the world. It is one of 20 most powerful cryptocurrencies and has attracted numerous investors.

According to BitConnect, the shutdown was mainly attributed to two cease and desist letters from the U.S. states of Texas and North Carolina which accused BitConnect of trading virtual assets without registration.

BitConnect coin price has hovered around US$240 each compared to the record high of US$400 last week. After the shutdown, the price has plunged to US$35.

The shutdown has panicked Vietnamese investors who have participated in the market.

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