Tokeneo - another tango down? The company is for sale for PLN 2,5 million

The owner of the Polish cryptocurrency exchange Tokeneo put it up for sale for ... PLN 2,5 million. So there is no guarantee that investors will get their money back. The leader of Tokeneo, Tomasz Rozmus, argues that everything is the fault of the banks that have refused to cooperate en masse. According to him 42 banks have turned their backs on Tokeneoand some of them even froze the funds of the stock exchange's clients.

We informed at the beginning of March about the problems of the Polish cryptocurrency exchange Coinquistwhich has problems with liquidity and some clients cannot get their funds back. Clients have hired lawyers, and the case is already being dealt with Polish Financial Supervision Authority. 

It didn't take long for it to turn out to be not the only one "Corpse in the closet" Polish cryptocurrency market. Poland also has some problems, too giełda kryptowalut Tokeneo, owned by Tomasz Rozmus.

Exchange customers have already been officially informed about "Temporary suspension of the operational activity of the Tokeneo Market website". The company explains it - of course - with factors independent of it. Specifically, banks that massively refuse to cooperate with Tokeneo are to blame. Tomasz Rozmus long and intricately, for over an hour, explained it during a live speech on Facebook. 

Banks obstruct the cryptocurrency market

According to Tomasz Rozmus, virtually all banks terminated the Tokeneo contracts. In 2020, these were to be 42 institutions. It did not end with the refusal or termination of cooperation. There were also those who first agreed to it, then took the measures, and finally broke the deal, and the money froze. There could only be one effect.

Tomasz Rozmus, founder of Tokeneo

“We are forced to suspend operations. We cannot finance the Tokeneo project any longer, because we simply ran out of money for operational activities " - Tomasz Rozmus admits.

The suspension is to be only temporary, but - as the Comparic portal informs - Tokeneo is put up for sale for PLN 2,5 million. For this amount, you can get not only a cryptocurrency exchange, but also an exchange office, tokenization application, payment processor and internet portal with news from the cryptocurrency market.

What about money invested in the stock market?

For now, it is not known if and how customers will be able to recover the funds invested through Tokeneo, but the future does not look bright. The president of Tokeneo asks you to ... submit a complaint by sending an e-mail to the following address: support@tokeneo.com or through the trading platform itself. 

Although during the online presentation, clients were supposed to believe that their assets remain secured, but it is already known that they cannot count on a payment at a time of their choice. Withdrawals will be made on a first-come, first-served basis, but they will also depend on how much money and when the banks where they are allegedly waiting are unfreezed. The amount obtained from the sale of Tokeneo will also be used to cover customer investments. How long is this enough and what percentage of customers will get their money back? This is not known.

Although the owner of Tokeneo ensures that all funds are secured and safe, even if this is the case, no one can be sure if and when they will be unblocked by the banks. Even without assuming bad will or just mistakes on both sides, the matter may drag on for many years, and especially those who have invested smaller amounts will probably wave their hand at it, because they will not waste time and money on investigating several hundred zlotys or even several thousand. According to recent reports from the largest brokers, both on Forex market, as well as cryptocurrencies, the first deposit intended for trading in the vast majority of cases does not exceed the equivalent of 1 thousand. USD.