Three months after its collapse, the Ontario Securities Commission has issued an investor warning against BitConnect.
BitConnect’s collapse was one of the more spectacular MLM cryptocurrency implosions, wiping $2.4 billion dollars off the BCC market cap.
BCC is currently at $1.36 and still being traded (albeit less than $10,000 a day), which might have something to do with the Securities Commission’s alert.
BitConnect manages the websites bitconnect.co and bitconnectcoin.co, where it claims to operate an online exchange platform known as the BCC Exchange.
These sites offer multiple investment opportunities that include “mining”, “trading” and “staking” BitConnect Coin, which is also known as BCC Coin.
BitConnect also claims to have raised money through an Initial Coin Offering.
BitConnect, the BCC Exchange and representatives of BitConnect are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities.
Not mentioned in the alert is BitConnect X, the BCCX altcoin announced as BitConnect was collapsing.
Still, BitConnect proper is all but dead, so I have to question the need for putting out a warning this long after the fact.
Where was the Ontario Securities Commission when BCC was trading at $400+ last year?
Signalling a wider investigation may be under way, the Securities Commission requests anyone in Ontario who has been “approached by representatives of BitConnect” to get in touch.