Polish cryptocurrency exchange BitBay, the biggest of its kind in its country, has announced that it is leaving its home country, and setting up business in Malta.
In an announcement posted on its site, BitBay put the blame at the door of the Polish banking system, stating that no Polish bank is willing to continue cooperating with the exchange.
“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,” a statement from the exchange read.
The Polish government has been rather unfriendly towards cryptocurrencies overall, with the country's Financial Supervision Authority funding an online campaign earlier this month to alert people to the risks associated with crypto.
BitBay has thus exercised a notice period with its customers, that puts a time limit on how long they can trade with it in Polish Zloty. That whilst the functions of the exchange in Poland will still be active, “after the expiry of the notice period, that is from 18 September 2018, users will be able only to withdraw all of funds deposited on the account without the possibility to deposit them there once again. From 17th September 2018 the trade on the BitBay exchange in Poland will be suspended.”
BitBay will, once its relocated to Malta, be asking its users to set up a new account again. The software underpinning the service and the domain name will remain unchanged.