UK threatens to shut down BitConnect

[muncuss]

Bravo UK for fast action,for sure BC will register in other country,i ve been following twitter disussion between people who are staying years in crypto,opinion was one it is ponzi

Similar concept like BC has now Dascoin,looks like BC copy just much more direct ponzi

No source, i expect source.

Hey if you want to going more deep you will find numerous coin and token that have "lending" program. And this kind of coin already infected my crypto group on fb.
i wish all of them will crash in near time

[cryptov137]

BITCONNECT INTERNATIONAL PLC
google search that haters

[deadmousehat]

Great News. I definitely support UK's decision to shut down bitconnect scam.
I hate all project that using piramid ponzi scheme. They fooling the beginners in crypto world to make themselves richer. that's disgusting.

[kaeluxdeuz]

I will always stay away from Bitconnect, biggest ponzi scheme of our time. I would stay away from Ethconnect too!

This is a warning to people who are falling for this scam and any scam of this type.
I liked a comment added before... How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years.

If anyone believes that, then you need to check yourself!

[BivxiuDavi]

Their decision to keep ponzi site scam away from users. But i think shutdown bitconnect is really bad for crypto market right now, its may have result like FBI shutdown Btc-e. Many people will lost their investment.

[riffaz]

Regal Coin, western Coin, Hextra Coin, Davor Coin, etc will be gone soon

[wissy]

I am not involved with BitConnect but if it really is a ponzi scheme, there is about time someone did something to shut them down.

[dreemusa]

*This does NOT in any way suggest that BitConnect is a Ponzi Scheme! *

Actually this is a completely normal response to any company in the UK that hasn't updated their confirmation statement. This does not at all mean that the UK is saying that BITCONNECT LTD is a Ponzi scheme, and they are in no way suggesting that based on this notice.

Do some research on the laws that govern business before assuming that everything you read on the Internet is factual. That silly post about this notice is just that: silly, and people jump to conclusions immediately and write up a juicy article for clickbait.

https://www.legislation.gov.uk/ukpga/2006/46/section/1000 --- This is the government site, section 1000. This is sent to ANY business that hasn't updated their status and the government simply assumes that they are not going to remain in business. Very simple.

This is very basic. If any business doesn't keep up with their filings in time, government ASSUMES that you are not doing business anymore and dissolves the company. This exists in basically any business ruling in most countries that have this type of business registry.

Now, if BITCONNECT LTD does not file within the given timeframe, then it gives reason to worry.

[xaviervilla]

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

Damn these scammers!! Never get tored of scamming people! I should've listend to my friend and never invested bloodyhell. Well at least i haven't lost anything yet, thanks to this post. I will really get out of this mess as soon as possible. I will not risk my investment with a project that clearly had issues. I should've known.

Thanks agaij man for sharing this info. I hope a lot of investors sees this thread also. So that they don't lose their investments.

[greewn]

Just to clarify for all the sheeple, UK has not threatened to shut down BitConnect. If you sheeple were to read more than just headlines and trust blindly what some author with clickbait intent posted you would see the truth.

"f the registrar—
(a)receives an answer to the effect that the company is not carrying on business or in operation, or
(b)does not within [F714 days] after sending the second [F8communication] receive any answer, the registrar may publish in the Gazette, and send to the company F9 ..., a notice that at the expiration of [F10 2 months ] from the date of the notice the name of the company mentioned in it will, unless cause is shown to the contrary, be struck off the register and the company will be dissolved.
"

That is ALL the UK is requesting from them. Not only that, the company is no longer registered under BITCONNECT LTD.

So, nope, not threatening, and nope, nothing will come of this.

Hope this clears some stuff up.

BAAAAAAAAAH

https://bitconnect.co/?ref=greewn

[BelieveInBitcoin]

I'm impressed the UK is finally shutting this scam down, it just gives crypto a bad reputation. The fact that it will likely be down to a lack of paperwork makes it even sweeter - rather reminiscent of Al Capone finally being brought down for breaking tax laws.

[blockchainmarketus]

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Great, clean cryptocurrency from fake and scam and ponzi. Cryptocommunity is not criminals. Are you a criminal? I don't think you reject the statetment. bitconnect is a criminal. Stay away from that kind of money game. Sooner or later money game will colapse. It has been prooved that many ponzi sceme colapse in the end.

[Johnnywelsh]

Not that I've done much research into bitconnect or had any dealings with them (since I heard so many negatives) how could they realistically shut it down? Unless the site is hosted within the UK they simply move servers elsewhere. Getting a block put on the UK ISP providers for that site will result in multiple mirrors setup or simple VPN to bypass.

That's the good and the bad blockchain technology, you cant shut it down. But ultimately it means scam companies can continue to run their business unless the community decides to kill it off.

[william8829]

On the one hand I am happy to see this scheme shutdown.  On the other hand it took a government agency to do it.  With every step that Governments take to police cyrptocurrency we the crypto community lose freedom.  I wish we could police ourselves.

[Idolic21_IT_Investor]

You guys sure are grasping at anything to take down Bitconnect.  All this is a request to submit their paperwork, but because of the hate from many, its being spinned into Bitconnect getting shut down or Bitconnect's assets belonging to the Crown or some BS like that. I ran a business myself and getting demanded to file paperwork by Government entities is not an abnormal thing.  I needed to file for a permit for my business in San Francisco many times and somehow I was still getting notices on not filing things.  If you've ran a business before, you'll know about these things.

What if all of you are wrong?  What if Bitconnect has found a formula to sustain the platform, but is very secretive because they don't want anyone else to have the secret sauce? People are trading Cryptos all over the world to make a living and Bitconnect is doing the same thing, but its being called a scam.  No one knows the creator of Bitcoin, yet all are diehard Bitcoin Crypto fans are crying about Bitconnect not revealing their creator or revealing how they do things.  Bitcoin is the price of how much people are willing to pay for it.  Bitconnect is the same thing.  If any of you folks have ever used it, you'll see that not everyday is a 1% like everyone keeps believing.  Today its 0.47%.  I've seen it 0% on some days.  Bitconnect doesn't guarantee anything and they don't even use that lingo on their website.  They simply state that you can earn up to 40%. https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending

Cryptos are a risk already, but you guys are trying way too hard to out Bitconnect.  Only time will tell the truth, but I know a lot of you will regret your position on Bitconnect if were still having the same conversation a year from now because that means Bitconnect will be running still. Peace.

[AVAMONEY]

BitConnect was incorporated in the UK in July 2016. Just because it's a UK based company it doesn't mean that they actually run any of their servers there. It's very likely that the entire BitConnect system is running offshore and if UK were to shut them down it will likely be very difficult to seize any of their assets.

For all we know Ken Fitzsimmons could be a fake person.

This is just hopefully another warning to those people who are falling for this scam. How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years. Do you honestly believe that is sustainable?

I've been following this for a few months. I support UK's to shut down, Bitconnect deserved this shut down, this ponzi scheme need to take action asap.  I support this effort to avoid the newcomer of altcoin trapped in their games.

That's the good and the bad blockchain technology, you cant shut it down. But ultimately it means scam companies can continue to run their business unless the community decides to kill it off.

Agree, it is really necessary step together to break this kind of activity. But UK's move needs to be appreciated after all.

[Forward_Thinking]

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

I think he means the source of the UK shutting it down... I HATE BitConnect by the way.

That link does have the shut down notice PDF in the filing history, dated 7th November.

What makes you think that is the company that runs BitConnect? Also, that looks to me like the company simply didn't file any updated paperwork and the government is just deleting the files.

[chocopapaya]

Good riddance! No one will mourn the demise of bitconnect.
...except those that were swayed to take part in the ponzi scheme, which is really the sad part because although it's good to shut it down, there are still those who will walk away with huge gains and tons more who will walk away with losses.

Now, expect a massive dump and final ditch effort to get as many people in before it crashes and burns.
Telling a criminal that you have two months left is basically giving them two months to get as much money as they can and take off.

And one final thing, in retrospect, isn't it crazy that bitconnect was able to last this long and go this far?
There is so much documentation that is widely circulated about it's ponziness, I mean hell, it took me about 5 minutes of looking into them to realize it was really shady.
These are dangerous crypto times indeed.

[Hanii]

For anyone reading the first post in this thread and just accepting it with no context or evidence...

The UK government has not stated in any way that they are shutting down or threatening to shut down BitConnect and there is no evidence to even suggest that.

There has also been an article on The Next Web which I assume is where OP got this false information from.

All that has been said/shown is a normal (likely automated) letter from Companies House to the company "Bitconnect Ltd".  

Basically all the letter means is that they see the company is inactive as it has not filed any accounts so they are giving a warning that the company will be dissolved, but BitConnect likely isn't even using this entity or never has.

[timikulit]

This is indeed a swift action from UK Government

We all know the UK is the center of financial  industry in the whole world.

Letting a ponzi business running in UK is bad for investors

https://beta.companieshouse.gov.uk/company/10278342/filing-history

Thank you for this info.