The Polish crypto exchange BitMarket has officially ceased its operations. The shutdown was announced on its official website on July 8 and was later spread on many best cryptocurrency news sites. Currently, no one can access the exchange and when typing its name, users are instead greeted with the following message in both English and Polish.
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“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.”
According to the leading cryptocurrency analytics website, CoinMarketCap, the trading volume on the Polish crypto exchange was relatively low. With around $850,080 in the past 24 hours, it is unclear how trading is continuing while the exchange is seemingly closed. As the latest cryptocurrency news show, users may still be able to trade on the platform by using API keys.
One Reddit user with a handle ‘OdoBanks’ first pointed out that the exchange has shown several red flags in the weeks which led to its shutdown. Prior to the closure, the altcoin news showed that users were allegedly forced to change their passwords (without any given reason) as well as their API keys.
At last, there are claims that some withdrawal attempts have been halted with the Polish crypto exchange asking the users to comply with additional know-your-client (KYC) measures. In those cases, customers were apparently asked for a scan of their ID, photo of their face holding the ID as well as “a note confirming that you are using bitmarket to buy bitcoin for yourself, as an investment (a new requirement).” The Reddit user also said:
“Exchange representatives […] 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.”
The Polish crypto exchange BitMarket is not the only one to cease its operations lately. As we reported at the end of last month, the Singapore based crypto exchange Bitrue suffered a major hack and lost 9.3 million XRP and 2.5 million Cardano (ADA) from its hot wallets.
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