Polish crypto exchange, Coinroom, shuts down and takes users money

05 Jun, 2019
by Colin Hawkins
News
Polish crypto exchange, Coinroom, shuts down and takes users money

According to Polish business news outlet Money.Pl, on May 31, the Polish crypto exchange Coinroom has reportedly shut down operations and disappeared with their customers funds without much warning.

Money.Pl claims they received an email from a Coinroom user, outlining that they, along with other Coinroom users were blindsided by Coinroom shutting down its operations seemingly overnight in April. Some users affected claimed that they had up to 60,000 zloty or around $15,790 in their accounts.

The amount of warning that the Coinroom exchange gave their customers is miniscule. Reportedly before completely seizing operations Coinroom customers had one day to withdraw their money, as outlined in an email that Coinroom sent to their users. Although this withdrawal time limit is on par with the contract that Coinroom users signed into upon using the platform, it is still a tad unethical.

Even though Coinroom gave its users a heads up to withdraw their money, some users are claiming that the exchange only gave them part of their money, while other users claim that they did not receive their funds at all.

A spokesman for the District Prosecutor’s Office in Warsaw Poland, Łukasz Łapczyński, revealed that his office had initiated proceedings against Coinroom. This is due to a connection with unauthorized activities, providing payment services that intermediates in exchange of cryptocurrencies.

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Read more about: Poland Scam

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