Bitmarket – One of the biggest Polish Bitcoin Exchanges Closes Within minutes

Bitmarket is one of the biggest and the oldest running Bitcoin exchanges in Poland. Today a few hours ago it closed with short notice for users about lack of liquidity.

BitMarket Exchange Stats and Information
The exchange had around 800 000 USD volume a day on pairs denoted with local currency of Poland – PLN. They traded BTC/PLN ETH/PLN and also XRP/PLN BTG/PLN and BTC/EUR.
Its one of the oldest exchanges that were still running. Worth to note that since 2015 a lot of exchanges in Poland exit scammed and/or got closed. Pretty much on market stays only Bitbay Exchange which actually moved to Malta and serves a lot volume from international users. They were using two domains and

Polish exchanges that closed and/or exit scammed are Coinbe, Abucoins, Coinroom, Bitcurex. Closing Without Notice
Whole day exchange was working and around 2100 of local time it just disappeared with following info about lack of liquidity:
Szanowni Użytkownicy,
Z przykrością informujemy, że w skutek utraty płynności, z dniem 08.07.2019 roku, Serwis został zmuszony zakończyć swoją działalność. Będziemy informować Państwa o dalszych krokach.
Dear Users,
We regret to inform you that due to the loss of liquidity, since 08/07/2019, was forced to cease its operations. We will inform you about further steps.

Yet we dug deeper and found an informational report from IQ Partners S.A. one of holders of exchange that states (this is our own translation):
The Board of IQ Partners S.A. (Poland) informs that on 7 July 2019 it received information from the President of the Management Board of Gyptrade OU (Estonia), a subsidiary of IQ Partners SA, regarding the risk of closing the cryptocurrency exchange Bitmarket in the near future due to the inability to settle liabilities by the exchange operator, Kvadratco Services Limited (United Kingdom). [..] The Board of IQ Partners S.A. at this stage, cannot verify the probability of occurrence of this event, but if this risk materializes, Gyptrade OU will not be able to complete the BitMarket exchange takeover process and keep this project working in any way. [..] To verify circumstances of the case, IQ Partners S.A. in connection with information about the potentially bad situation of Kvadratco Services Limited, filed a notification about the possibility of committing a crime to the District Prosecutor’s Office in city Olsztyn in Poland.

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