Polish cryptocurrency exchange BitBay officially announced that operations and trading in Poland will be ceased as Polish banks refuse to continue doing business with the exchange. The only Polish bank that was offering services to the exchange has decided to stop offering service and doing business by the end of the month. Malta, already known as Blockchain Island is the new destination for Bitbay. The exchange was founded in Katowice in 2014 and introduced cryptocurrency trading to Poland.
The official announcement by Bitbay stated
In those circumstances the continuation of providing high quality services by BitBay exchange in Poland is no longer possible.
Creation of a new account by Bitbay users will be required when operations are resumed in Malta and they will not be able to withdraw funds before September 17. The original domain name and trademark will be used by the exchange.
BITBAY In Poland – A Factful Story
May 31 brought an end to the business relations of Bitbay with the only bank that was offering services to the exchange. There had been growing reluctance among banks worldwide regarding extending support to cryptocurrency exchanges. With the increasing no. of problems encountered with the banks in Poland, Bitbay initiated exploring the best suitable cryptocurrency base in European Union.
Information For The Users
Users of Bitbay was allowed to access their BitBay accounts in Poland till May 31. upto sept 18 2018, withdrawals can be made but deposits are not supported. BitBay’s Polish operations will be suspended officially on Sept 17,2018. Migration of users to new platform and asking them to create a new account on malta platform is on the top of to do list of Bitbay. The exchange is going to use the same software so the dashboard will look the same.Entry To MALTA
Unlike countries like Japan and Poland who have been against the cryptocurrency exchanges, Malta seems to be eager to welcome cryptocurrency exchanges. The tweet by prime minister Joseph Muscat’s tweet in response to Binance’s announcement makes it evident,
Welcome to #Malta ???????? @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world… https://www.facebook.com/LinkSwarm/posts/10155296255617091 …
Bright Prospect For Cryptocurrency In MALTA
Cryptocurrency regulation in Malta is advancing. A trio of blockchain-fueled bills is expected in Malta which will advance the industry. The country’s economy is based majorly on financial services and online gaming and its is expected that the country can leverage strength in these areas .