The Maltese crypto space got another considerable boost of late when it was announced that Bitbay – the largest exchange of its type in Poland – has decided to move its operations to the Mediterranean island. This move, although not that ground breaking, follows in the wake of major relocations such as those of Binance, OKEx and DQR who have all announced that they are setting up their operations in Malta.
It appears that Bitbay have decided to suspend their activities in Poland due to non-co-operation of banks according to a press release published on 29 May. It said that it will be relocating its operations to Malta where laws are much friendlier to the crypto space. In fact, the Maltese government has just published three bills in parliament that deal with blockchain and the crypto currency exchange markets only last week.
In its press release, Bitbay stated that its operation in Poland was contingent upon co-operation with the national banks but this appeared not to be the case. In fact, the last Polish bank which was co-operating with Bitbay decided to halt its business with the exchange at the end of May. Bitbay said that it will terminate its user contract to provide services whilst observing a one-month notice period that expires on 17 September. Additionally, after 31 May, users will not be able to access their accounts in Polish zlotys although all other exchange functions will remain active. After the notice period expires on 17 September, users will only be able to withdraw funds and all trading activities on the Polish exchange will be suspended.
Bitbay also announced that users would be able to create a new account once the company’s operations resume in Malta. It also announced that the exchange will be conducted by a new supplier but will continue to use the bitbay.net domain name as well as the BitBay trademark.