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BitMarket Exchange Shuts Down Due to Liquidity Loss

BitMarket, one of the largest crytpocurrency exchanges in Poland, has shut down after it was "forced to cease" all crypto trading operations.

Polish cryptocurrency exchange BitMarket abruptly ceased operations July 8, citing liquidity loss as the main reason.

The exchange, however, failed to provide a detailed explanation for the shut down. Instead, it posted a short message on its website:

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

BitMarket, which is one of the biggest crypto exchanges in Poland, recorded an average daily trading volume of above $800,000. It offered the following crypto for trading with Polish zloty (PLN): Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Bitcoin Gold (BTG).

Amid the sudden shut down, traders believe this could be an exit scam, following similar incidents involving other Polish cryptocurrency exchanges like Coinbe, Bitcurex, and Abucoins.

Reddit user “OdoBanks” even pointed out the red flags in the previous weeks before the closure.

According to the post, BitMarket required all its registered users to change their passwords without providing an explanation behind the move. Users also experienced withdrawal delays as they had to provide first a scan of the ID, and submit a photo with the user holding the ID as part of the exchange’s KYC requirements.

Meanwhile, an IQ partners report purportedly showed that the President of the Management Board of Gyptrade OU stated that BitMarket was due for a closure for failing to settle  liabilities by its operator, Kvadratco Services Limited.

Gyptrade was supposed to take over BitMarket but declined to continue the process. It had also filed a criminal complaint in Olsztyn against the cryptocurrency exchange.

| RELATED: XRP-Based Exchange XRP United to Cease All Operations

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