Polish Crypto Exchange BitBay to Move to Malta Over Banking Blockade

  • Poland's largest cryptocurrency exchange is moving to Malta as it isn't able to open a bank account in its homeland.
  • Per BitBay, Malta was chosen for its crypto-friendly regulations.

BitBay, the largest cryptocurrency exchange in Poland, has decided to move to Malta as it isn’t able to open a bank account in its country. Per the company, Malta was chosen for its friendly take on cryptocurrencies, and a new supplier will run BitBay under its jurisdiction.

According to available data, BitBay had a $9 million trading volume in the last 24-hour period. It allows users to trade 29 cryptocurrencies against the Polish zloty, with 87 percent of said volume being on the BTC/PLN pair.

Per the exchange, the last bank willing to work with it unilaterally ended their working relationship, which forced BitBay to move. The company’s announcement reads:

“Unfortunately 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. In those circumstances the continuation of providing high quality services by BitBay exchange in Poland is no longer possible.”


As a result, the exchange’s users will no longer be able to trade Polish zlotys after May 31, and by September 17 its trading platform won’t be operational in Poland. By then, customers will only be able to withdraw their funds from BitBay’s platform.

The exchange has already encouraged users to create an account with it when it starts operating in Malta, and clarified the company will still exist in Poland as it will “carry out other challenges than conducting cryptocurrency exchange.”

Malta is becoming a cryptocurrency haven, whose prime minister called cryptos the “inevitable future of money.” The region, which sees most cryptocurrency trading volume flow through it, was selected after careful analysis.

“BitBay has been conducting analyses for many months within the scope of the most friendly jurisdiction for cryptocurrency in the European Union. Productive discussions with the government of Republic of Malta and friendly business environment provide BitBay assurance that the choice of Maltese jurisdiction is the best solution.”


Poland’s attitude towards cryptocurrencies has been somewhat controversial. Earlier this year, Polish news outlet money.pl discovered the country’s central bank paid a popular YouTuber to smear cryptocurrencies in a video.

Specifically, the central bank paid Marcin Dubiel $30,000 to create a video called “I LOST ALL THE MONEY?!,” in which the protagonist was embarrassed at a restaurant with his date, and lost money invested in cryptocurrencies. It was never disclosed the video was a paid promotion.

Poland’s attitude towards blockchain technology, however, seems to be different. As covered by CryptoGlobe, it became the first country to put banking records on a blockchain.

Microsoft's Bing Reportedly Blocked Over 5 Million Cryptocurrency Ads Last Year

Francisco Memoria

Microsoft’s search engine Bing has reportedly blocked over 5 million cryptocurrency-related ads last year, as a result of a ban the search engine enacted in an attempt to protect its users from fraudsters.

According to Bing’s ad quality review, the company’s bad account takedowns doubled in 2018, with cryptocurrency, weapons, and third-party tech support scams being the main problems it faced. Overall, Bing suspended “nearly 200,000 accounts” last year, and removed 900 million ads from its platform.

As covered, Bing banned cryptocurrency-related ads back in May, in a move it claimed was made to protect users from scammers, as the crypto market being unregulated meant cryptocurrencies “present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

At the time Melissa Alsoszatai-Petheo, who published the company’s blog post on the move, wrote:

To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.

The move saw cryptocurrencies join other questionable products and services Microsoft banned from its platform. These include Ponzi and pyramid schemes, and the mentioned third-party tech support scams.

Bing notably banned cryptocurrency-related ads following bans enacted by search giant Google and social media giant Facebook. These two firms have since started allowing crypto-related ads from a few companies.

At the time, various cryptocurrency associations threatened lawsuits against the tech giants over what they claimed to be “cartel collusion” against cryptos, made in an attempt to manipulate the market.

Although Microsoft’s search engine has banned crypto ads, the tech giant itself has been accepting bitcoin payments since 2014. Its website even has a how-to page walking users through the process of topping up their accounts using BTC.