Permabanned
Speedtest reports the Kb/s, downloads will probably tell you the KB/s (Kb is kilobits, KB is kilobytes, there are 8 kilobits to a kilobyte). So 60 * 8 = 480 which is pretty close to your 500Kb/s. Like when you pay for "8Mb" broadband, you'd actually get a maximum of 1MB/s.
It's still a slow speed though, unless you're only paying for 500Kb (although you can't even get that now can you?).
You do if you're 7km from the nearest exchange. Trust me