Poland’s largest digital currency exchange, Bitbay, has planned to discontinue its operations in the nation as banks will not be of assistance to the organisation, the exchange reported recently. The trade will rather be directed by another provider in the Republic of Malta, where domestic laws are more cooperating towards digital currency.
According to Bitbay their business in Poland is dependent upon receiving services from national banks, however the last Polish bank which was ready to provide assistance to the exchange chose not to cooperate with the exchange.
Bitbay will end the client contract to give services, within a notice time of one month which ends on September 17. Clients will not be allowed to access their accounts in Polish złotys (PLN), but the other operations of the exchange will be active. After the notice period ends, clients will still allowed to draw out funds, while all trading activities with the exchange will be shut down in Poland.
As indicated by the official statement, clients will have the ability to make new accounts once BitBay continues their activities in Malta. The exchange will be led by another provider, yet will utilise the bitbay.net domain and trademark of BitBay.
Bitbay’s migration comes in the midst restrictions from the Polish government towards digital currencies. Despite the fact that Poland is officially identifies cryptocurrency mining and trading, the government’s take over digital currencies in the recent months has become more disapproving.
This year in May, the Polish Financial Supervision Authority (KNF) submitted a tender of around $173,000 to plan and direct a web-based campaign concentrated on the threats related with digital currencies, forex trading and pyramid schemes. Earlier in February, the Central bank of Poland paid around $25,000 to generate an anti-digital currency video in a joint effort with Polish YouTube network Gamellon, Facebook Ireland Limited and Google Ireland Limited.
After Binance's announcement on June 14, 2019, that its U.S. customers will no longer be able to trade on Binance.com…