BitBay moves to Malta

This article was published on: 05/31/18 8:12 AM

Marcin IwańskiWritten by | exchange, news, regulations

BitBay moves to Malta

Poland is not the best place to run a crypto-based business, and well-known polish cryptocurrency exchange market BitBay will no longer be located in Central Europe.

Rumors of BitBay moving out from Poland to Malta have been with us for the last few weeks, and the time has come, BitBay officially announced that they are moving their business there.

As they announced, they had decided to suspend activities in Poland and move to the country with milder jurisdiction – Malta.

Malta is trying to become a European silicon valley for cryptocurrencies, where laws are crypto-friendly, and the government wants to cooperate with crypto-based companies.

As we can find in announcement

“Up to the end of 31, May 2018 Users will be able to use all functions of the BitBay exchange in Poland. After this date access to the account in PLN will not be possible. All other functions of the BitBay exchange in Poland will still be active. After the expiry of the notice period, that is from 18 September 2018 Users will be able only to withdraw all of the funds deposited on the account without the possibility to deposit them there once again. From 17 September 2018, the trade on the BitBay exchange in Poland will be suspended.”

The supplier will change, but the bitbay.net domain and BitBay trademark will remain the same.

Behind BitBays’ decision, there are Polish laws and the government approach to the cryptocurrencies. As we wrote earlier, the Polish government had used a YouTuber to create their first anti-crypto influencer-based campaign; now they placed a tender order of 500.000 Zloty (~$135.000) for next campaign. But not only the approach was behind the decision. To operate in Poland BitBay is required to cooperate with a Polish bank, but they said in the announcement, that [they] “undertook unilateral decision to finish the cooperation with BitBay with the effect at the end of May.”

“We were pigeonholed together with criminals, only because Polish law cannot keep with the fast-growing economic development. There is a  need to clean up this dense atmosphere. If the issue of regulation for the crypto industry is not resolved before the holidays, we will have to move the company to another European country where we will be able to function steadily. ” – said, Sylwester Suszek, the CEO of BitBay

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Last modified: May 31, 2018

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