BitConnect Pressured to Disclose or Face Closure in UK

Published on 15 November 2017 by Cryptovest Staff

The UK Registrar of Companies has spoken with a readiness to shut down access to BitConnect, as the company has a two-month deadline to prove it is still up to date and an active business.

If BitConnect fails to give reasonable proof, the company would be dissolved and its assets would be seized. An official document from the Registrar states that:

"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."

And since BitConnect is gathering funds in Bitcoin, the regulators may have to deal with significant funds in the leading cryptocurrency.

BitConnect also has problems with its registration and will have to straighten its papers with the UK authorities if it plans to continue existing as a legal entity.

Bitconnect really is a sect 🙏pic.twitter.com/UJKdsKv4ji— Ponzi crypto coins (@bccponzi)November 14, 2017

Bitconnect now even looking for Telesales people. This is the Wolf of Wallstreet all over again.@wolfofwallstare you watching this?pic.twitter.com/JIPoixWnen— Ponzi crypto coins (@bccponzi)November 13, 2017

The newest rally in Bitcoin prices propped BitConnect up once again, and for now the tokens have a price of $264.85, wholly defined by the internal BitConnect exchange.