Polish exchange Bitmarket ceases operations on a short notice; cites inability to settle liabilities

Polish exchange Bitmarket ceases operations on a short notice; cites inability to settle liabilities

The crypto-ecosystem has been constantly growing with newer and better companies making a presence with a variety of services in the digital asset domain. With the number of new entrants in the field increasing, older firms are today facing a host of problems.

The latest news in the crypto-industry is about Tron’s Justin Sun allegedly doing little to stop scammers from using Tron’s name and scamming investments to the tune of $30 million. United States, United Kingdom, and Australia have all recorded a surge in the number of scams and close-downs involving cryptocurrency. One such company that has joined the bandwagon is Bitmarket, a Polish exchange which shut down its operations after a quick announcement.

With Bitmarket closing operations, BitBay, another major crypto-exchange in Poland, has planned to move its operations in Malta. Bitmarket made use of two firms which went by the name Bitmarket.pl and Bitmarket.net.

Bitmarket pulled down the shutters at 21:00 pm local time, following which anyone who visited the site was greeted by the following message.

Bitmarket shuts operations after a quick notice

Source: Bitmarket.pl

According to a report, the message was with respect to the cessation of all operations of Bitmarket and the reason mentioned was the inability to settle liabilities by the operator of the firm, Kvadratco Service Limited [UK].

Coinroom, another Polish crypto-exchange, previously shut down its operations after it was accused of scamming investors. Bitcurex too had ceased its functions on a temporary basis after its exchange was hacked.

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