Polish BitBay Moves to Malta: Why?
The Polish cryptocurrency trading platform BitBay is moving to Malta. The company announced about stopping carrying out its activities on the territory of the country of origin.
BitBay was founded in 2014, Katowice, by Sylwester Suszek. Its goal was to “create a platform that was not available on the Polish market – a professional and intuitive trading platform for buying and selling Bitcoins and Litecoins.”
The decision to move from Poland was influenced by the negative answer received from the Polish bank that carried out the financial operations. The announcement was made on May 29th via a blog post.
“The activity of the BitBay exchange in Poland requires cooperation with Polish bank. Unfortunately the last Polish bank ready to provide bank services undertook unilateral decision to finish the cooperation with BitBay with the effect at the end of May. In those circumstances the continuation of providing high quality services by BitBay exchange in Poland is no longer possible,” explained BitBay.
You’ll be able to withdraw your funds after September 17th
Note that users based in Poland are able to use the exchange’s services until today, May 31st. Starting tomorrow, the accounts will be restricted. However, the company announced that citizens will be able to benefit from the other features of the platform until September 17th when the notice period ends. If you have not managed to withdraw funds saved on the platform’s wallets till now, you shouldn’t panic because the company will only suspend the submission of funds.
BitBay moves to Malta
Note that the European number 1 crypto exchange doesn’t suspend its activity definitively, but only from the territory of Poland. This should not indicate that one of the largest and most famous European cryptocurrency exchanges will disappear from the crypto market.
BitBay encourages and supports users to further benefit from the company’s services by creating new Maltese accounts. Their explanation was:
“The exchange will be conducted by the new supplier on Malta with usage of the same software as until now was used by BitBay exchange in Poland, based on the domain bitbay.net and BitBay trademark. The new supplier will be entitled to take advantage of all solutions worked out by BitBay sp. z o.o. Due to the aforementioned fact BitBay exchange on Malta will provide high quality services as BitBay in Poland so far.”
The decision to choose Malta as host country shouldn’t surprise us, because it’s considered as one of the most crypto-friendly locations in the world.
“BitBay has been conducting analyses for many months within the scope of the most friendly jurisdiction for cryptocurrency in the European Union. Productive discussions with the government of Republic of Malta and friendly business environment provide BitBay assurance that the choice of Maltese jurisdiction is the best solution,” explained BitBay.
Today, 31st May, BitBay (BAY) is traded at $0.040059, down 0,14% over the last 24 hours and has a market capitalization of $40,545,188.