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Closing a bank account forces sizeable Polish crypto-credit to move to Malta

Bitbay decided to suspend its activities in the country.

30.May.18 11:42 PM
By John M Jeffcoat


Closing a bank account forces sizeable Polish crypto-credit to move to Malta
On May 29 it became known that one of the largest crypto-banks in Poland - Bitbay stops its work. The management of the trading platform explains its decision by the fact that the country's banks refuse to service the accounts of the cryptocurrency platform. Now Bitbay will operate under the jurisdiction of the island of Malta.

It is reported that the last of the national banking organizations of Poland stopped its cooperation with the Bitbay exchange at the end of this month. Such behavior of banks in the country is explained by the tightening of the policy pursued by the Polish government concerning crypto-currency operations; therefore Bitbay has chosen the state where the optimal conditions for the development of the cryptocurrency sector and the digital market are created.

As for the clients of the currency exchange, they will not be able to access their accounts in the Polish currency since May 31, the remaining services of the transaction will be provided in full until September 17, this term expires the term of the user agreement of the financial institution.

After this date, users can only withdraw funds from the exchange. Bitbay is waiting for all of its customers on the new domain, which, incidentally, will have the old name -, as soon as it starts its activities in Malta.

A new service provider will implement exchange service for citizens and companies, but crypto-exchange will be operated under the previous BitBay trademark.

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