As we have all heard, a month or so ago the Maltese government had announced that they will step up their plans into making them selves a crypto friendly country. This move had been very much welcomed by the crypto community and ofcourse many blockchain companies. As soon as the news broke out many companies for various reasons like Binance as one of the biggest ones have decided to move out of their domestic countries into their new found home Malta now known as the crypto heaven island.
The newest arrival into the Maltese crypto exchange family is the Poland’s largest exchange Bitbay. Their decision announced on May 29 stated that they will entirely stop their operations in Poland and move to Malta. It has been revealed on their website that the decision was made on the basis of a refused cooperation by the banks in the country. The last Polish bank that Bitbay had worked with had chosen to discontinue the services provided to the crypto exchange effective at the end of May.
“In those circumstances the continuation of providing high quality services by Bitbay exchange in Poland is no longer possible. As a result BitBay sp.z o.o. terminates the contract concluded with our users for providing services with observance of the one month notice. The period of the notice expires on 17 September 2018.”
Bitbay was found in 2014 in Katowice, Poland. It offers trading support for 29 cryptocurrencies and it has over 800,000 customer, with a processing amount of 125 transactions per minute.
Starting from June all users of the platform will no longer have access to their account in the Polish currency, Polish Zloty while on the other side all of the other functions of the exchange will remain operational. From 18 of September 2018 and onwards, Bitbay customers will be able only to withdraw all of their funds deposited on their accounts without the possibility of depositing them once again. This is due to the suspension of the platform in Poland.
Even after relocating to Malta the Polish version of the trading platform will continue working on other activities that don’t include trading.
“The exchange will be conducted by the new supplier in Malta with usage of the same software as until now was used by Bitbay exchange in Poland, based on the domain bitbay.net and Bitbay trademark. The new supplier will be entitled to take advantage of all solutions worked out by Bitbay sp. z o.o.”
All users have been encouraged to keep using Bitbay regardless of their location and as the exchange has stated:
“Bitbay has been conducting analyses for many months with 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.”
As of Poland’s side, the country has shown that is one of the least crypto-friendly nations in the EU as multiple government agencies in the past have tried to stifle the growth of the industry in the country.