Bitbay is a cryptocurrency exchange based in Poland which trades Bitcoin, Litecoin and Ether against currencies such as the euro and the dollar. Founded in March 2014, the company has found its growth hampered by the attitude of Polish banks which have proved unwilling to cooperate with the exchange. In this, they’re following the lead of the Polish government which is uncomfortable with crypto. In fact, the Polish financial regulator launched a campaign online recently, warning people of the possible risks of investing in, or using, crypto.
Bitbay is moving to the more welcoming business environment in Malta, where the government welcomes blockchain technology firms. In fact, the prime minister recently referred to “Binance” – the term for bitcoin, cryptocurrency and blockchain-related finance. The island’s cabinet has recently set up a regulatory framework that will enable banks to deal more easily with bitcoin exchanges, and other cryptocurrency businesses.
The relocation from Poland means that the company won’t be trading in the Polish Zloty, so it has put its customers on notice that this facility will be withdrawn from 18th September, 2018. After this date, customers can withdraw funds but not make fresh Zloty deposits. The exchange will cease trading in Poland the day before – 17th September.
BitBay users will need to open new accounts when the exchange begins trading in Malta. However, the site will continue to use the same software platform and will retain its domain name.
Poland’s loss will be Malta’s gain, as the island’s bid for “Binance” companies gathers pace.
