BitBay To Move Its Operations To Malta To Escape After Polish Banks Stop Support

BitBay, the 77th biggest crypto exchange and Poland’s biggest has recently announced its move to Malta as the last Polish bank stopped providing services to them.

Founded in 2014 in Katowice, the company is said to have over 200 employees and 800,000 users. The 24h trading volume exceeds $4.3 million. The governments and banks once again failed to realise that they are just losing monetary benefits just with their stubborn attitude.

In an official statement, the company said,

“The activity of the Bitbay exchange in Poland requires cooperation with Polish bank. Unfortunately the last Polish bank ready to provide bank services undertook unilateral decision to finish the cooperation with Bitbay with the effect at the end of May. In those circumstances the continuation of providing high-quality services by Bitbay exchange in Poland is no longer possible.”

Malta A Cryptocurrency Safe Haven

The Maltese government’s has successfully focused on bringing in more international cryptocurrency business to bolster the local economy this year. Lots of hostile and over cautious countries have lost crypto-related business to Malta. Back in March, Binance revealed their plans to move their operations to the Mediterranean island which was followed by OKEx’s announcement to establish its own entity in Malta.

Joseph Muscat, the country’s Prime Minister, is a crypto and blockchain enthusiast who believes that bitcoin and other digital currencies are the future of money. Thus, under the aegis of the Malta Digital Innovation Authority, the country is trying to develop regulations that will encourage the growth of nation’s cryptocurrency market.

BitBay has been conducting analysis for many months in order to find the most cryptocurrency-friendly place 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.”

Final Take

In line with the move to Malta, BitBay has set a September 17 deadline for account holders to create their Malta BitBay account. After the deadline, only the withdrawal option will be available to users who are yet to migrate their accounts. Such users will also not be able to make deposits.

The floodgates have already opened for cryptocurrency’s mainstream adoption. The countries and organizations who adopt this disruptive technology the earliest will get ahead in the game, while the others will miss out.

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