Cryptocurrency Exchange BitBay Relocates To Maltabr>
Poland-based crypto exchange BitBay is moving its operations from its home country to Malta due to Polish banks’ unwillingness to work with the exchange.
Founded in 2014, BitBay is said to have over 200 employees and 800,000 users. It offers trading support for 29 cryptocurrencies including bitcoin, ethereum, and Litecoin. The activity of the exchange in Poland requires cooperation with Polish bank. Unfortunately, the last Polish bank ready to provide services to the exchange decided to cease its business with BitBay at the end of May.
“Up to the end of 31 May 2018 users will be able to use all functions of the BitBay exchange in Poland,” the exchange said. “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 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 said its operations will be conducted by a new supplier in Malta with the same software that was used by the exchange in Poland, based on the domain bitbay.net under the Bitbay trademark.
“The new supplier will be entitled to take advantage of all solutions worked out by BitBay sp. z o.o. Due to the aforementioned fact BitBay exchange on Malta will provide high quality services as BitBay in Poland,” the company said. “At the same time BitBay sp. z o.o. will still exist, however, it will carry out other challenges than conducting cryptocurrency exchange.”
BitBay said it has been conducting a review of the most friendly jurisdiction for cryptocurrency in the European Union for months now and Malta came out on top.
“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,” the exchange said.
Malta is one of the most welcoming countries in the world when it comes to cryptocurrency and blockchain technology. In March of this year, Binance, the world’s largest exchange by volume, revealed that it would be setting up an operational base in the country. In April, cryptocurrency exchange Okex announced it is also establishing its own entity in Malta.