Tag Archives: exchange

BitConnect is shutting down its lending and exchange platform

BitConnect is shutting down its lending and exchange platform Following months of red flags, Bitcoin investment platform BitConnect – which has long been suspected of running a Ponzi scheme – has officially announced its platform is shutting down In a blog post – titled “Changes coming for the Bitconnect [sic] system – Halt of lending and exchange platform” – released on its official website, the company said that is “closing the Bitconnect [sic] lending and exchange platform

” The website has since gone down The statement goes on to suggest that BitConnect will now operate solely “for wallet service, news and educational purposes “We are closing the lending operation immediately with the release of all outstanding loans,” the statement read “With release of your entire active loan in the lending wallet we are transferring all your lending wallet balance to your BitConnect wallet balance at 36362 USD [sic]

” This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcapcom,” it continued “You are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well We are also closing BCC exchange platform in [five] days

” “In short, we are closing lending service and exchange service while BitConnect co website will operate for wallet service, news and educational purposes,” it ended Those interested to see the full statement can refer to a screenshot captured by independent Twitter sleuth @BCCPonzi, who has been documenting the investment platform’s shady business for months According to the statement, the company will “continue offering other cryptocurrency services in the future

” The equally questionnable BitConnect X ICO – which was explicitly named in a cease and desist letter served by the Texas Securities Board – will remain “functional BitConnect claims that its BCC coin will still be “listed on outside exchanges” and “merchant websites” Meanwhile, it has taken a massive dip to $144, as per CoinMarketCap By comparison, its value fluctuated around the $425 mark less than 10 days ago Above its legal trouble and inability to protect itself from continuous DDoS attacks, the company blamed the closing of its lending and exchange services on “bad press

” That is despite the fact that most of this bad press circulated around the severity of their legal troubles Prior to this development, the shady Bitcoin investment scheme was mired in a litany of legal troubles, including cease and desist orders from the UK in November, as well as two more from from the US this month – one from the Texas Securities Board and one from the North Carolina Securities Division Leading up to the announcement, BitConnect promoters suddenly began distancing themselves from the project Coincidentally, the website was struggling with a series of server downtime – all of which began shortly after the cease and desist orders rolled in Update: The price of BCC has plummeted even further, currently standing at a bit over $43

Source: Youtube

World’s largest exchange CME launches Bitcoin futures trading

Bitcoin received another big boost on Sunday after the Chicago Mercantile Exchange began futures trading for the virtual currency The move comes a week after the Chicago Board Options Exchange introduced similar Bitcoin derivatives

Park Ji-won has more The world's largest derivatives exchange, the Chicago Mercantile Exchange began bitcoin futures trading from Sunday

The launch of futures trading on the CME comes a week after the Chicago Board Options Exchange, or CBOE, became the first established financial market to offer futures trading for bitcoin Analysts say the virtual currency's entry into the Chicago Mercantile Exchange could push its price higher, as the CME is a much bigger exchange than the CBOE,

handling 55 times the CBOE's volume during the January to September period this year "It's the only legitimized asset to us being at the exchange because it now offers people a more traditional way to invest It also may indicate to people that this really is the kind of asset that you'd want to have some percentage of your portfolio or your wealth diversified into

" The market opened at 8AM, Korea time Hoping to guard against wild price swings, the CME will hit pause on trading if prices fluctuate by more than the CME's set limits Despite some measures to protect investors, skepticism over the cryptocurrency continues, with Federal Reserve Chair Janet Yellen warning of the dangers of the virtual currency last week "Bitcoin, at this time, plays a very small role in the payments system It is not a stable source a store of value, and it doesn't constitute legal tender It is a highly speculative asset" Bitcoin was invented in 2008 by a person or group calling themselves Satoshi Nakamoto, and the identity of the mysterious inventor is still not yet known

Park Ji-won, Arirang News

Source: Youtube