BitMarket24 sues KNF for 2.5 million PLN in damages

A lawsuit has commenced in Warsaw as the cryptocurrency exchange BitMarket24 seeks nearly 2.5 million PLN in damages from the Polish Financial Supervision Authority (KNF). The exchange claims that the KNF’s decision to place the company on its public warning list led to the termination of its bank account by Credit Agricole, resulting in a loss of profits and the eventual liquidation of the business.

BitMarket24 alleges that following a meeting with KNF officials in January 2019 intended to discuss regulatory compliance, the authority notified the prosecutor's office and subsequently issued the public warning. While a criminal investigation into the exchange's activities was dismissed by prosecutors in 2022 with the court upholding the decision in 2023, the exchange maintains that the regulatory actions were unjustified and caused its collapse.