Exchange News

BitMarket Exchange site shuts down operations without notice

Bitmarket has just shut down hours after announcing that it had lost liquidity. This is according to a post published on their website.

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

Their claim of lacking liquidity is however substantial as they have been experiencing shallow daily trade volumes of less than one million US dollars, this is according CoinMarketCap. Bitcoin had a trading volume of $795,810 yesterday with Litecoin experiencing trading volumes of $23.892, Ethereum had a volume of $14,962, XRP with a trading volume of $1,077, and Bitcoin Gold with a trading volume of $443, all the coins give a total trading volume of $836,184.

Investors on this platform had not received any notice of closure before yesterday. It is important to note that BitMarket cryptocurrency exchange platform was the second largest in Poland, which means that a very large number of users have been affected by this spontaneous shutdown of the site.

The exchange has not also explained what led to their loss of liquidity, but a Reddit user by the name OdoBanks had posted that BitMarket had already raised red flags recently. The post states that BitMarket had started forcing users to change their passwords with no probable cause. The exchange was also giving investors a difficult time with withdrawing funds, by halting any withdrawal requests, citing KYC procedures.

The exchange has not yet made any official statement on their twitter page regarding the shutdown. Keen users also noted that their trading data on CoinMarketCap hadn’t been updated for the past 10 to 11 hours. It is also uncertain if the exchange will allow users to withdraw their funds that they are still holding and only time will tell. if the investors will get back their money.

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coinmag

Daniel is a determined and experienced writer with a keen eye on emerging technologies. Daniel aims at educating the crypto community on the developments within the space.