UK threatens to shut down popular Bitcoin investment site BitConnect

[minerich]

It turns out Ethereum founder Vitalik Buterin might have been right to suggest popular Bitcoin investment platform, BitConnect, has been running a Ponzi scheme after all: the UK Registrar of Companies has threatened to shut down the dodgy platform and dissolve its operation.

BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced, according to an official filing on the British Companies House website. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

“Upon dissolution all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and accordingly will belong to the crown,” the document reads. Many have speculated that BitConnect likely stashes its funds abroad, though there is no evidence to back this up.

While the notice makes no mention of the people behind the shifty Bitcoin investment platform, another filing [PDF] reveals BitConnect was registered by a British man going by the name of Ken Fitzsimmons. According to the same filing, Fitzsimmons holds 75 percent or more of the shares in the company.

Curiously, the name of Fitzsimmons doesn’t appear anywhere on Bitconnect’s site – and nobody seems to know what his involvement in the investment platform is.

Numerous concerned cryptocurrency enthusiasts have since interpreted this lack of information as suspicious, with one user going as far as reporting BitConnect for illegal activity to the British government.

Unfortunately, details about Fitzsimmons continue to remain scarce at this point.

Shortly after the UK Companies House strike-off notice began circulating Reddit, the price of BitConnect Cash (BCC) took a dip from $287 to under $230 – though it has since climbed back up to $245. Here are some stats from Coin Market Cap:


https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/

[Spoetnik]

I hope they fry this prick and his "startup'
They should check his tax records and exchange activity.. bam jail time.. easy.
Most of the little morons in crypto are guilty.. just need to smack them. 

[regsintered]

Please tell me if this is the correct source? Bitcoinnect has performed very well and is paying full interest to investors. this company have been operating well for a long time

[Grim149x]

I expected that to be one of the fate of bitconnect. I have a bad feeling about it even though I know it's paying. I wanted to invest some spare just to have something when I don't feel like working. That's only if I have a spare. It's one of the last things I will invest my money in though it's very profitable. The easy earnings is what lures people into this kind of scheme.

The thing some are copying bitconnect. Maybe because it is very profitable for the creators. This is just my opinion, but I strongly believe it's a fraud.

[henkcryptotank]

I foresee a shitstorm in the very near future...
I hope no one will get burned though!!

Greets Hank

[Spoetnik]

Please tell me if this is the correct source? Bitcoinnect has performed very well and is paying full interest to investors. this company have been operating well for a long time

Noob, what part of these are NOT companies don't you understand ?
You are not an investor noob and you are not investing in fuck all either noob.
You are scammy greedy crypto-pyramid scheme participants noobs.

How many bloody god damn times do i have to cast a spotlight on the ideology and *POINT* to this stuff before you get it ?

Your shitcoin noob rabble defending the various moronic little ICO schemes is a futile waste of time.
It is, what it is.. scammy ass retarded bullshit.
You fucking noobs just keep lifting your little investard legs up peeing all over the precious ideology of crypto.

I know.. you wants teh profits on teh profitz hodl coin exchanger fer teh moon ROI'z.
I know.. i know.. i get it.. seriously, i geeeeeeeeeeeeeeet it jeez.  
But there is consequences.
And you are lookin' at 'em NOOBS

Paying out to investors ?
That makes me fucking sick !
Saying that is fucking obscene.

There should not be "pay outs" and there should not be investors.. there should be open source decentralized digital CURRENCIES.
When you fabricate pseudo tokens for the purpose of investment that is by definition a fucking crypto-ponzi/pyramid scheme.
You took a god damn shit all over crypto pajeets.
You are stupid NOOBS.

You fail to see that morphing crypto into a stocks profit system is going to bring the full wrath of the entire wolds governments to your door steps.

And what i find funny is all of you squatted down and rubbed your little bum all over the scene by plunking down your picture ID at exchangers.. now they have a way to nail your idiot ass's  
And they do dumb fucking *NOOBS*

I have had exchange staff tell me they do it.. they rat you out all the time morons.  
And why would you care ?
Your coins are often criminal and the side stepping off paying taxes on it all just makes it easy for them to nail your moron ass's.

AUS, CAN, USA etc have crypto based TAX rules.

Either you pay them or like Al Capone your dumb noob ass's will go to jail.
So when they want to nail a scam coin peddler all they have to do is check if he paid his taxes.
And i highly doubt even 1 person in crypto history has ever filed properly and honestly.

NOOBS ..go fuck yourselves and your scammy pointless little ICO shitcoin schemes.

I warned you.. again.
And i have predicted this shit every step of the way and said i told you so a million times for 5 years.
I am the only smart one.
You are all fucking NOOB idiots.. if you don't want to heed my warnings then suffer bastards as Fear Factory would say

I don't give a flying fuck about your little ROI's.
I care about crypto.

FiNCEN, The SEC and the IRS are going to eat a lot of you NOOBS for breakfast sooner or later.
..and i fucking love it

[TheQuin]

Please tell me if this is the correct source?

It was in the OP but as you missed it https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/

Bitcoinnect has performed very well and is paying full interest to investors. this company have been operating well for a long time

That is exactly how all ponzis operate until they don't. They pay out existing investors with the deposits of new investors to make it look like there are good returns up until the point they have enough money to cut and run leaving everyone invested with nothing.

According to this BitConnect will be forcibly shut down in just under 2 months anyway.

[Spoetnik]

After i left i seen this in the News  

https://www.castanet.net/news/Business/211671/CRA-wants-PayPal-numbers

The records of Canadians who use PayPal business accounts to make and receive payments will soon be in the hands of the federal government's tax-collecting agency.

The online payments company said Wednesday it has been given 45 days to hand over information identifying its account holders and the amount and number of payments they paid or received between Jan. 1, 2014, and last Friday to the Canada Revenue Agency.

"We are required to disclose information about business account holders who have received or sent a payment," it says on its website. "Affected account holders have been notified."

CRA spokesman Patrick Samson confirmed that the agency received Federal Court of Canada authorization to request the information, part of a crackdown on Canada's underground economy.

"Specifically, the CRA is seeking PayPal's list of Canadian clients who have a commercial account, including the total value of their transactions (purchases and sales) from 2014 to the date of the requirement," he said.

PayPal Canada says it has more than 6.4 million active users, although that includes personal accounts which are not affected by the CRA move.

Hussein Warsame, a tax professor with the University of Calgary's School of Public Policy, linked the data grab to the federal government's 2017 budget, which provided a five-year funding boost to the CRA to fight tax evasion by investigating the underground economy.

"They think people who use PayPal are probably avoiding tax and therefore they're using the extra funding to basically look for low-hanging fruit," he said. "It is a fishing expedition, in many ways."

He said the agency is likely offering the 45-day window to allow people who haven't paid their taxes as required to file tax revision forms and come back into compliance with the tax act.

Warsame said the files could allow the CRA to identify people who have had more than $30,000 in business revenue over 12 months, which means they should be registered to collect and remit the GST.