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BitBay, Poland's largest cryptocurrency exchange, moves to greener pastures. The company has announced the suspension of its activities in Poland, where banks have been less than cooperative. BitBay is heading to the island country of Malta, which has become known as Blockchain Island. BitBay leaves the city of Katowice where it was founded in 2014 to bring the cryptocurrency trade to Poland.
This is not the first time that the exchange continues in Malta and its decision closely follows that of Binance, the world's largest volume cryptocurrency market (total volume of the last 24 hours), passing from Hong Kong to the Mediterranean island.
In Poland, BitBay encountered a problem when the only bank willing to cooperate with the stock exchange finally decided to end the relationship as of May 31st. Banks around the world are reluctant to support cryptocurrency trading. industry. BitBay was at its last banking relationship in Poland and had already explored its options in search of the most cryptocurrency-friendly jurisdiction it could find in the European Union.
BitBay executives touted "fruitful discussions with the government of the Republic of Malta and [a] friendly business environment."
In the meantime, account holders on the BitBay platform in Poland can access all the features of the platform until May 31, 2018. Traders can only make withdrawals because deposits will no longer be supported. The official suspension of operations on the Polish operations of BitBay takes effect on September 17, 2018.
BitBay is looking to migrate its users to the new platform and will invite its members to log in to create a new account on the Malta platform. The dashboard should be the same because the exchange will continue to use the same software as the traders.
Mission of Malta
While countries like Poland and even Japan make it difficult to trade cryptocurrency, Malta deploys the welcome mat, as witnessed by Prime Minister Joseph Muscat's tweet in response to Binance's announcement
Malta is a small island country whose regulation of cryptocurrency is progressing as larger governments move around the world stall. Malta is currently working on a trio of blockchain bills that will advance the industry in the jurisdiction, including a bill dedicated to the regulation of digital currencies, initial offerings and crypto exchanges.
The Maltese economy is fueled largely by financial services and online games, and officials believe they can leverage their strength in these areas to take a leading position in distributed record technology.
Featured image from Shutterstock.
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