Poland’s Second Largest Crypto Exchange Bitmarket Ceases Operation Due to Liquidity


There had been rumors earlier of the second largest Polish exchange, Bitmarket going bust. Those rumors have been confirmed. If one goes on their website now, they will see the following message in both Polish and English:

“Dear Users, We regret to inform you that due to the loss of liquidity, since 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.”

The cryptocurrency exchange is owned and operated by Capital Group and was founded in 2014. It supports both cryptocurrency trading pairs and fiat to cryptocurrency trading pairs. The exchange is not the most popular in the cryptocurrency space but is successful and gains most of its liquidity from Poland, Germany, Austria, Estonia, and Finland.

According to Reddit user OdoBanks, there had been a few red flags for quite some time now. It all points to the possibility that the exchange had been hacked. OdoBanks writes:

  1. Users were forced to change their passwords
  2. Users' API keys were changed
  3. Some users' withdrawals were halted on the basis of additional KYC requirements. The exchange demanded a scan of the ID and a photo of a person’s face.

However, there has not been any official statements about a hack or why they have been forced to shut down their operations.

Bitmarket.pl have had a rough year. To begin with, had its bank accounts suspended January 26th by Bank BPH due to what the bank says are rising debts and a lack of credentials. The company’s founder thinks otherwise and says the incident took place because of a transaction involving the movement of stolen funds.

More details about this story are yet to come out, including any official statements by the company or their founders. BitcoinExchangeGuide will bring you the story as soon as there is any further development.

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