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Poland’s Largest Crypto Exchange Forced to Move to Malta After Bank Shutout

Poland’s Largest Crypto Exchange Forced to Move to Malta After Bank Shutout

Bitbay, the largest cryptocurrency exchange in Poland, will cease all cryptocurrency trading within the country and move its entire crypto trading operation to Malta.

The company announced their move in a press release on May 29, saying that their Polish operations required cooperation with national banks, but that the “last Polish bank ready to provide bank services undertook [a] unilateral decision to finish cooperation with BitBay,” an action which will come into effect at the end of May.

Due to reasons beyond Bitbay’s control, the company has decided to terminate contracts with its users, giving them until September 17 to take appropriate action. As of June 1, users will no longer be able to access their accounts in Polish złotys (PLN), while all other functions of the exchange will be active. All trading activities in Poland will be suspended after September 17, and users will have only the ability to withdraw funds.

However, Bitbay announced that they will continue to use their brand, domain name, and software to provide cryptocurrency trading services from the Maltese jurisdiction. The press release encouraged users to continue using the exchange and create a new account once the Bitbay begins operations in Malta.

In a second press release posted May 30, the company highlighted that “nothing will change except for the entity that will operate the platform.” The new Maltese entity will be able to provide deposits and withdrawals in many major currencies, including PLN, and will work with Polish banks on the basis of international law.

Legacy users will continue to be able to log in with their old username and password, but will be required to agree to updated terms and conditions. The updated press release highlighted that users not agreeing to the new conditions would not have their funds blocked, but would only be able to make withdrawals.

September 17 is listed as the date of suspension of services for all users that do not migrate over to the Maltese entity, but Bitbay noted that it would consider moving the date back if a large number of users continue to remain on the Polish platform.

As of May 31, Bitbay provides cryptocurrency trading services for 29 different tokens and has a market capitalization of about $9.3 million.

31 May 2018

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