Altcoin News: Polish Crypto-Exchange Bitmarket Suspended Work Amid a “Loss of Liquidity”

July 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Marko Vidrih

Polish crypto exchange Bitmarket on Monday announced the termination of trading on its platform.

“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,” says a notice on the website of the exchange. “We will inform you about further steps.”

Bitmarket was founded in March 2014 and was once one of the largest crypto exchanges in Poland. The popularity of Bitmarket helped win the support of fiat currencies (Polish zloty and euro), as well as the possibility of margin trading.

As notes one of the users of Reddit, the alarming signals Bitmarket began to give a few more weeks before the last announcement. So, the exchange, without giving any reasons, forced all users to change their passwords and changed the API keys. In addition, some users are faced with a delay in withdrawing funds due to the requirement of additional verification of identity.

“Exchange representatives, active on Polish bitcoin forum, claimed that this was the long overdue KYC requirement and that they were only targeting people with expired IDs. They never addressed users’ accusations of hiding the fact that the exchange has been hacked,” he writes.

According to CoinMarketCap, for a long time, Bitmarket trading volumes did not exceed $200,000 per day and only on the last day were close to $1 million.

Author: Marko Vidrih


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