Polish cryptocurrency exchange BitBay is preparing to close down operations in Poland and take their business to Malta, according to a company announcement published earlier this week. The company has confirmed that the move was due to a lack of cooperation from Poland’s banking institutions.
The announcement noted that its bank was terminating its relationship with the exchange, effective May 31, 2017. BitBay reportedly plans to suspend exchange activities on September 17 but encouraged its users to create accounts for the new exchange in Malta. The company vowed to continue to offer its customers the “high quality services” they had come to expect from the exchange.
BitBay claims that the company has been analyzing other jurisdictions within the EU for months, in search of a friendlier business climate for its exchange operations. The Republic of Malta was chosen for its efforts to create a more welcoming environment for crypto and blockchain companies.
With the move, BitBay will join several other global exchanges that have recently announced new initiatives in Malta, including Binance, OKEx, and several other blockchain and crypto projects.
