European bitcoin exchange BitBay suspending accounts in move to Malta

BitBay, a European bitcoin and cryptocurrency exchange has decided to suspend the activity of its exchange located in Poland. At the same time, the exchange under the same name of BitBay will be administered by a new supplier in the jurisdiction of the Republic of Malta, which is cryptocurrency friendly.

BitBay informed they have been conducting examinations for many months within the scope of the most friendly jurisdiction for cryptocurrency in the European Union. Productive discussions with the government of Republic of Malta and friendly business environment provide BitBay assurance that the choice of Maltese jurisdiction is the best solution.

The activity of the BitBay exchange in Poland requires cooperation with Polish banks. Unfortunately, the team said that the last Polish bank ready to provide bank services undertook a unilateral decision to end cooperation with BitBay with effect at the end of May. In those circumstances, the continuation of providing high-quality services by BitBay exchange in Poland was no longer possible. As a result of this, BitBay sp. z o.o. has terminated the contract concluded with its users for providing services with the observance of a one month notice. The period of the notice expires September 17, 2018.

Up until May 31, 2018, users will still be able to manage all functions of the BitBay exchange in Poland. After this date, access to accounts in PLN will not be possible. All other functions of the BitBay exchange in Poland will still be active. After the expiry of the notice period, that is from September 18, 2018, users will be able only to withdraw all of the funds deposited on the account without the possibility to deposit them there once again. From September 17, 2018, the trade on the BitBay exchange in Poland will be suspended.

The BitBay team said:

“We encourage our users to continue the cooperation with BitBay. After logging on account on bitbay.net webpage Users will be able to create their own BitBay account in Malta. The exchange will be conducted by the new supplier in Malta with the 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. Due to the aforementioned fact, BitBay exchange on Malta will provide high-quality services as BitBay in Poland so far. At the same time BitBay sp. z o.o. will still exist, however, it will carry out other challenges than conducting cryptocurrency exchange.”

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Author: CryptoNinjas”