The BitMarket24 Exchange ceases to operate after having been placed on the list of KNF warnings

BitMarket24, a cryptocurrency market operating in Poland, informed 5 in February about the end of its operations. The company's clients are required to pay all funds by October 19, when the company officially ceases to provide its services.

KNF warning a nail to the coffin

BitMarket24 belongs to the British company BM24 Ltd.. The decision to terminate the business is a consequence of placing the company on the list of public warnings of the Polish Financial Supervision Authority, what we informed about two weeks ago in this article. The reason why the company was put on the "black list" was the violation of the Act on Payment Services. As a result, banks servicing the stock exchange's corporate accounts urgently terminated BitMarket24 contracts. Without access to bank accounts and payment processing, further business becomes impossible.

The BitMarket24 exchange has been operating on the Polish market since 2014. Initially, it was registered in Krakow, but after being placed on the KNF's list of warnings, the largest Polish cryptocurrency exchange - BitBay - moved its interests to Great Britain. However, the company's activity was still focused on the Polish market, which ultimately put it under the scrutiny of the Commission.

The message on the BitMarket24 page:

In connection with entering BitMarket24 on the list of public warnings and the associated cutting off of the exchange by banking institutions from the traditional financial system, the management of BM24 LTD decided to close the exchange.
The WSE will close its operations on 19 February 2019 at 24: 00: 00.
We ask Exchange Users to pay for cryptocurrencies stored on the stock exchange, as well as to withdraw funds designated for purchase or cryptocurrencies obtained from sale by 19 on February, 2019, at the latest. After this date, all funds will be returned to the last bank account from which they came.
At the same time, we thank you for your trust and cooperation so far.

Poważaniem Z,
The Management Board of BM24 LTD