As local banks refuse to work with BitBay, the largest cryptocurrency exchange in Poland, the company decided to suspend its activities in the country and to move it to Malta is the most user-friendly jurisdiction for international cryptocurrency companies.
May 31, users will no longer be able to access their accounts in Polish zloty (PLN), but other functions of the exchange will be available. Prior to termination of the contract for the provision of services, that is, September 17, users will be able to withdraw funds. After that, the trading activity on the stock exchange in Poland will be suspended.
According to the press release, users will be able to create a new account as soon as BitBay will resume operations in Malta. The exchange will be a new liquidity provider but will use the domain name bitbay.net and trademark BitBay.
BitBay sells 29 different digital assets, its daily turnover is $9 700 270.
Moving BitBay is due to the tightening policy of the Polish government in relation to cryptocurrencies. Although Poland did not formally prohibit the trade of digital currencies, the overall position of the government towards them has become more critical in recent months.
In early may, the Polish financial supervision authority (KNF) has floated a tender worth approximately $173 thousand for the planning and conduct of campaigns in social networks, focused on the risks associated with cryptocurrencies, pyramids, and trade in the Forex market.
In February, the Financial regulators Poland spent about $25 thousand on an advertising campaign to Youtube and Facebook to discredit investing in crypto currencies.