This is going to bite a lot of people in the %&#. Sorry for those that have their accounts in BitConnect. I imagine right about now that everyone involved in Bitconnect is pulling their funds out like mad dogs. Hopefully they can recoup their money. I have been looking for an exchange and had actually signed up for BitConnect a few days ago. Fortunately I haven't transferred any money over there. I would have been jumping mad had I of. All the while BitConnect has been promoting their new ICO called BitConnectX. I don't think I will be investing my time and money in that either.
Image from google imaging under the subject: bitConnect Texas Securities Board)
Here is a part of the article in Quotes for you to read -
""It could all be game over for BitConnect. The Texas State Securities Board has handed the bullish cryptocurrency lending investment platform a cease and desist letter, ordering them to shut down its operations and its BitConnect Coin (BCC) within 30 days of receiving the notice.
The letter, which is addressed to a company branch registered in London under the British Companies House, essentially demands that BitConnect stop selling its BCC assets in Texas “until the security is registered with the Securities Commissioner” or is granted the necessary exemptions to do so.
It also accuses BitConnect of fraud on several different counts, including failure to properly disclose the identity of its principals, its physical address and place of business, its assets and liabilities, as well as the true risks involved in such investment schemes.
The notice further alleges that BitConnect has enlisted “sales agents” – or so called “affiliates” – to pull in Texas residents to its website and interest them in investing in BCC.
“It rerepsents investors may earn up to 40 [percent] interest per month over a specified term and an additional rate of interest calculated on a daily basis,” the notice reads. The Board then goes on to call out the investment platform for its deceptive promise as a “safe way to earn a high rate of return on… investment[s].”
Thorough in its warning, the Texas Board also alludes to the fact that BitConnect is promoting an initial coin offering (ICO) for a new undertaking, known as BitconnectX. The token sale is slated to take place next week on January 10.""
Article written and published by www.thenextweb.com
Original Article at this LINK HERE:
https://thenextweb.com/hardfork/2018/01/05/bitconnect-cease-desist-order-ponzi/