The BitConnect announced about the closure of its cryptocurrency exchange and lending platform. The company had made the decision since it has received two ‘cease and desist’ order from Texas State Securities Board and North Carolina Securities Division. The note issued by the team stated, “BitConnect.co website will operate for wallet service, news and educational purposes.”
The spokesperson of Blue House in South Korea, Jeong Ki-joon, clarified that ‘there will be no cryptocurrency trading ban’ in a public press conference. He stated, “The cryptocurrency trading ban proposal introduced by Justice Minister Park Sang-ki to bring speculation with cryptocurrency market under control. The proposal will be discussed and changed by the task force”.
A circular was issued by the Securities and Exchange Commission of Brazil on Friday which emphasized that direct investment in cryptocurrencies ‘are not allowed’. The circular elaborated, “We consider it appropriate for managers and investment funds to await further and more conclusive manifestation of this oversight subject on the subject to structure indirect investment in cryptocurrencies”.
The largest cryptocurrency exchange, Kraken resumed its service after the maintenance that took more than 48 hours. The exchange communicated to its customers through a blog post. It read, “We apologize for the uncertainty our downtime has caused. The scheduled downtime was to replace our old trading engine with a brand new engine- an improvement that customers have long asked for and that we have been working hard on”.
The FX Choice informed its customers about the halt over trading on bitcoin CFDs and stated that they are uncertain as to when it will be resumed on their platform. Since the cryptos were traded on a bullish trend, it had hindered their sustainability over the long term. This led some brokerages halt ‘offering Bitcoin CFDs until further notice’.
The South Koreans had submitted over 50 petitions at the executive office. The petition against the Ministry of Justice coining the ban on cryptocurrency trading had received 71,000 and beyond signatures. The Blue House, South Korean government emphasized over the ban issue and broadcasted that there will be no ban on cryptocurrency investment in the short term.