Various cryptocurrency companies have made the move to Europe in the past few months. This is not entirely surprising, as Europe has a relatively open mind when it comes to cryptocurrencies and blockchains. BitBay, the Polish exchange, is now moving to Malta.
Another Company Moves to Malta
It has become apparent that Malta is the go-to place to set up a cryptocurrency company office. Various firms have made the move in the past few months, and it seems this momentum will not be slowing down anytime soon. That is a positive trend, as Europe has been far too quiet on the cryptocurrency front over the past few years.
The ‘exodus to Malta’ trend suddenly got a lot of attention when Binance announced that it wanted to set up shop in this particular country. While that was good news for the exchange itself, Binance also made it clear that it wanted to create a lot of jobs in the country. Moreover, the Maltese government announced that it will welcome other cryptocurrency companies as well.
The latest firm to make the move is BitBay. Although most people may have forgotten this Polish cryptocurrency exchange existed, the firm has made a name for itself in Poland over the years. This shows that other European countries haven’t given up on Bitcoin and other cryptocurrencies. Europe needs some positive financial news these days, as the eurozone is in a state of flux.
BitBay’s sudden move to Malta is easy to explain. The firm relies on a Polish bank partner to perform its operations. Unfortunately, it seems the banks in Poland are no longer interested in working with this company for some reason. As such, the company had few options left on the table, and moving to Malta seemingly made a lot of sense.
Until this transition is completed, users will have to deal with limited functionality on the BitBay platform. As of today, PLN-based transactions will no longer be possible. Additionally, all trading activity on BitBay Poland will be suspended as of September 17.
It will be possible for individuals to set up new accounts once the company has moved to Malta, and all of the features and tools will remain the same. The Polish branch of this firm will continue to exist for quite some time to come, although it will no longer be involved in any cryptocurrency exchange operations moving forward. It’s an interesting development that will strengthen the cryptocurrency industry as a whole.