On 29th May 2018, Bitbay, the largest cryptocurrency exchange in Poland decided to move to Malta or so-called the blockchain island. They have decided to shut down their activities in the country as the banks are not cooperating with the Exchange.
In the jurisdiction of the Republic of Malta, a new supplier will conduct the exchange, as the local laws of Malta are crypto – friendly.
With the cooperation of the banks it is possible to carry out the business, says Bitbay. But at the end of May, the Polish bank has decided to cease the business and services with the exchange. Observing a notice period of one month that validates to 17th September, Bitbay will conclude the user contract to provide services. Users will not be able to access their account in Polish zloyts (PLN) after May 31st, the other functions of exchange will be active.
Only after the notice period, that is September 17th, the users will be allowed to withdraw funds. Till that date, all the exchange activities in Poland will be suspended. Once Bitbay continues operations in Malta, users will be able to create a new account, according to a press release. The exchange will be conducted by a new supplier but will use bitbay.net domain name and the trademark of Bitbay.
Bitbay’s relocation is due to the increasing and toughening policies brought in by the Polish government towards cryptocurrencies. The government’s stance in regard to crypto has become more critical in recent months, though Poland officially recognizes digital currency mining and trading Bitbay presently trades in 29 different digital assets and their market capitalization at press time is $9,270,725.