diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 7f14b8043..f1689de8c 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -208,7 +208,9 @@ class Exchange(object):
         if this was requested in parameters.
         """
         markets = self.markets
-        if markets is not None:
+        if markets is None:
+            raise OperationalException(f"No markets data available for exchange \"{self.name}\"")
+        else:
             if base_currency:
                 markets = {k: v for k, v in markets.items() if v['base'] == base_currency}
             if quote_currency:
diff --git a/freqtrade/utils.py b/freqtrade/utils.py
index 7779d3d7b..8e8b3717e 100644
--- a/freqtrade/utils.py
+++ b/freqtrade/utils.py
@@ -68,9 +68,6 @@ def start_list_pairs(args: Namespace, pairs_only: bool = False) -> None:
                                  pairs_only=pairs_only,
                                  active_only=args.active_only)
 
-    if pairs is None:
-        raise OperationalException(f"No markets info available for exchange \"{exchange.name}\"")
-
     if args.print_list:
         # print data as a list
         print(f"Exchange {exchange.name} has {len(pairs)} " +