Polish cryptocurrency exchange Bitmarket ceases operations citing liquidity problems

Polish cryptocurrency exchange Bitmarket has announced that it is ceasing its operations due to liquidity problems.

When accessed, the homepage for Bitmarket now displays the message:

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

In an online post on Reddit, a user with the name OdoBanks listed a few “red flags” that were seen in the last few weeks preceding the announcement. The user wrote that exchange users were forced to change their passwords, users’ API keys were changed, and some withdrawals were halted citing KYC requirements.

OdoBanks also said that the exchange has not responded to recent accusations that it was hacked.

Founded in 2014, Bitmarket was the second largest cryptocurrency exchange in Poland, FxStreet reported. Its trading data has not been updated on CoinMarketCap for the past 10 hours, according to CoinDesk.

Recently, another Polish cryptocurrency exchange Coinroom was reported to have disappeared with customers’ funds. In an update on its website, it has stated that it will file for bankruptcy as soon as possible.