Major cryptocurrency exchange decides to switch countries after bank problems

The Polish banks don’t want to play ball with BitBay – so it’s heading off to Malta instead…

Polish cryptocurrency exchange BitBay has announced that it’s leaving its home country, and instead setting up business elsewhere.

The exchange is moving to its business to Malta instead, with some ramifications for its customer base.

In an announcement posted on its site, BitBay put the blame at the door of the Polish banking system. It’s revealed that no Polish bank is willing to continue cooperating with the exchange, with the catalyst for BitBay’s announcement being “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”.

BitBay has thus exercised a notice period with its customers, that puts a time limit on how long they can trade with it in Polish Zloty. That whilst the functions of the 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 will, once its relocated to Malta, be asking its users to set up a new account again. The software underpinning the service and the domain name will remain unchanged. Malta is proving far friendlier to cryptocurrency companies than Poland, it would seem.

You can read the full announcement from BitBay, here.

The Polish government hasn’t been too friendly towards cryptocurrencies, with its Financial Supervision Authority funding an online campaign earlier this month to alert people to the risks associated with crypto. BitBay, it seems, took the hint.