Polish Crypto Exchange BitBay Moves to Malta

The transition period to the new Malta-based BitBay exchange starts on June 1.

by Marin Marinov
30 May • 3 min
In Markets

One of the largest Polish cryptocurrency exchanges, BitBay, will move to Malta by establishing new trading platform, dubbed again BitBay, because of problems with Polish banks, the company announced on Tuesday. The transition period will begin on June 1 with all services in Poland to be suspended in September and the Polish company, BitBay LLC, to refocus to another, unspecified, sphere, different from crypto trading.

The BitBay activity in Poland requires cooperation with banks, but the last financial institution that was willing to do this has decided to unilaterally terminate its contract with the crypto exchange, according to BitBay.

In those circumstances the continuation of providing high quality services by BitBay exchange in Poland is no longer possible,” BitBay said in a statement on its website.

BitBay Malta

The verified accounts, along with clients' balances in cryptocurrencies and fiat money, will be transferred to the new Malta-based company. The transition period starts on June 1 when users will be able to create BitBay Malta accounts by using the same username, password and two factor authentication (2FA) credentials from BitBay LLC Poland.

“After this date [May 31] 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 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,” BitBay explained in a statement.

September 17 is not the final date for suspension of Polish services; it can be changed if a large number of users are not registered within the new Malta-based exchange, BitBay revealed in a Facebook post on Wednesday.

After moving to Malta, Polish users will be able to deposit and withdraw funds in PLN, EUR and USD by continuing to use their Polish bank accounts. Deposits at the Polish Post Office and withdrawals at ATMs will also be available.

BitBay chose Malta after several months of research because the Mediterranean country is “the most friendly jurisdiction for cryptocurrency in the European Union”. This was also one of the reasons behind a plan for a Maltese office, revealed by one of the world's largest crypto exchanges, Binance, in March. Japanese OKEx and US Bitmora have also announced similar steps, supporting the ambition of Malta’s Prime Minister Joseph Muscat to make his country a “blockchai island”.