Zondacrypto (formerly BitBay) Faces Estonia FSA Warning
Estonia‘s Financial Supervision and Resolution Authority (FSA) has issued an investor warning against Zondacrypto, operated by BB Trade Estonia OÜ, for alleged non-compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations. The regulator flagged the exchanges failure to provide a white paper for its “TeamPL” token, a key requirement under MiCA Article 9. The FSA stated that crypto issuers are obligated to maintain a white paper on their website for as long as the tokens remain publicly traded. Zondacrypto has yet to publicly respond to the warning. Withdrawal Crisis and Missing Funds The warning comes at a turbulent time for Zondacrypto, which is already under scrutiny over unresolved withdrawal issues. In April, CEO Przemysław Kral revealed that the exchange could not access a cold wallet containing approximately 4,500 Bitcoin (worth $360 million at the time). Kral blamed the issue on the companys founder and former CEO, Sylwester Suszek, who has been missing since 2022 and allegedly never handed over the private keys. Kral has denied insolvency rumors, insisting that Zondacrypto will fulfill all customer obligations. However, these assurances have not quelled concerns among users, particularly as Polish authorities opened an investigation into the exchange last month following multiple complaints about frozen withdrawals. CEOs Silence