After Last Polish Bank Stop Service Bitbay Exchange Moves to Malta
Poland-based international cryptocurrency exchange, Bitbay, has announced its decision to suspend the activity in Poland. Founded in 2014 in Katowice, the company is said to have over 210 employees and 850,000 users across de Globe. The reason for the exit from its home market is that Bitbay can no longer receive support from banking services in the country.
“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,” the company said.
The move will occur in a couple of phases. After May 31st, access to PLN (Zloty) accounts will not be possible, but all other functions of the exchange in Poland will still be active until de second phase. After the expiry of the notice period, September 18th, users will only be able to withdraw funds, and trading on the Bitbay exchange in Poland will be completely suspended. The exchange operations will be conducted by a new supplier in Malta, friendly country for cryptocurrencies, with the same software that was used by the exchange in Poland, based on the domain bitbay.net under the Bitbay trademark.
Welcome to Malta
In explaining the specific location it is moving the exchange operations to, the company’s team say they have been conducting analysis for many months in order to search and find the most cryptocurrency-friendly place 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.”
As we previously reported, the Maltese government’s has successfully focused on bringing in more international cryptocurrency business to booster the local economy this year. Back in March, Binance revealed that it would be moving its operations and starting to recruit 200 people to work on the island. In April, Okex announced it is also establishing its own entity in Malta.