BitConnect, an exchange that deals in cryptocurrency exchanges and lending from the UK, has announced it is shutting down in the wake of the plummeting market value of Bitcoin, Ripple and their crypto peers. In their latest announcement, BitConnect has cited online attacks, negative press coverage and new regulations as the key reasons for its departure from the crypto scene.

The company said that two financial watchdogs from the US, Texas State Securities Board and the Securities Division of North Carolina\'s Secretary of State Dept, had sent the business letters ordering them to cease-and-desist.

The letters stated that BitConnect had been involved in fraud and had mislead its investors. They also noted that the rate of return of the business was approximately 3,000% for each year, something that they said suggested that fraudulent activity was taking place, as such a figure is highly abnormal within the financial markets. The letter went on to suggest that the company was a \'Ponzi scheme\'.

The company stated that the closing of the business would not be the end of the community, noting that they were closing specific services on their site and that they would be investing in other crypto services at a later date.