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BitBay Forced to Move to Malta Because of Polish Banks

BitBay Forced to Move to Malta Because of Polish Banks 101
Source: iStock/tedpagel

BitBay, the largest cryptocurrency exchange in Poland, has decided to suspend its activities in the country - simultaneously starting business in the jurisdiction of the Republic of Malta, due to banks no longer cooperating with the exchange. The move was announced May 29th, and up to the end of May 31st, users will be able to use all functions of the exchange in Poland.

The exchange needs the cooperation of Polish banks to keep working in the country, but the last Polish bank that was willing to provide the necessary services undertook unilateral decision to finish the cooperation with BitBay with the effect at the end of May.

As the company clarified in an official notice, “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.”

Users are encouraged to keep cooperating with BitBay, regardless of their location. The reason for their move to Malta is that the country is crypto-friendly: “BitBay has been conducting analyses for many months within the scope of the most friendly jurisdiction for cryptocurrency in the European Union. Productive discussions with the government of Malta and friendly business environment provide BitBay assurance that the choice of Maltese jurisdiction is the best solution.”

Poland has previously been known to be hostile towards crypto, with the community turning to petitions due to the Polish government deciding to levy a tax on all cryptocurrency transactions, regardless of whether the taxpayer made a profit. This tax policy is now “temporarily abandoned.

This year, two largest cryptocurrency exchanged OKEx and Binance announced that they are moving to Malta, too.

Last week, speakers at a conference “Blockchain – The Game Changer of the 4th Industrial Revolution” stressed that crypto industry players are ‘very nomadic’ and countries are at risk of losing talents and might fail to win the investment race.

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