Since Binance, one of the world’s premier cryptocurrency exchanges, moved to Malta earlier this year, the tiny country has been thrust into the global economic spotlight. The latest exchange to move to the blockchain island for its attractive incentives and friendly regulations is Polish Exchange BitBay.
Established in 2014, BitBay is not only Poland’s largest cryptocurrency exchange but also the largest in Europe. According to Coinmarketcap, it trades in 29 cryptocurrencies and handles more than $9 million of customer money on a daily basis.
The Last Willing Bank Says Farewell
In a statement published on the BitBay website, the company said that the last bank that was willing to work with cryptocurrency businesses had decided to cut ties with them. Without access to a bank account, BitBay can no longer continue with its operations in Poland.
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! After COB today, May 31st, customers will no longer be able to process Polish zlotys and as of September 17th, BitBay will not be operational at all within the Eastern European country.
Poland is Sending Mixed Messages on Cryptocurrency
BitBay joins Binance and OKEx in setting up operations in Malta after the Polish establishment’s mixed messages and regulatory clampdown made operations impossible for the company.
Yet, their stance is not completely clear since Poland’s biggest credit rating agency which owned and backed by several Polish banks is an advocate for blockchain technology.
Moreover, the Polish government continues to fund an exploratory blockchain development center through which the country is looking to develop its own national cryptocurrency.
However, in February of this year, the Polish central bank financed a popular domestic YouTube celebrity to produce a video with a decidedly anti-cryptocurrency message. In fact, Marcin Dubiel was paid some $30,000 to post a YouTube video called “I LOST ALL THE MONEY?!”.
The video shows an embarrassed protagonist getting flustered in a restaurant when he can’t pay for his date’s meal using crypto with the girl eventually storming out saying cryptocurrency is not real money anyway.
In Closing
All this uncertainty coupled with the latest bearish movement from the last crypto-friendly bank has forced BitBay to newer pastures.
Malta is fast becoming a destination of choice, particularly for alt asset-exchanges since the government is quite welcoming of blockchain companies and wants to lead the way in fostering crypto-friendly regulations.
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