This message has been spreading in the cryptocurrency world for some time. Then, it has become a reality, the largest Polish BitBay cryptocurrency market is moving to Malta. BitBay, which enjoys good opinions among all Europeans, and being the largest European cryptocurrency exchange by the way, moves to Malta. Country, which enjoys great opinions as the great base for blockchain companies. What further steps to take if you are Bitbay’s customer? The Polish company remains unchanged, while functionality, service and assets will be gradually transferred abroad, to Malta. What to do and what are the consequences for account holders?
What should account holder do to move with BitBay to Malta?
To transfer with BitBay to Malta, you must agree to transfer your account to Malta. The transfer details will be sent to exchange users to the email address of the registered account. In the case of consent, the account will be transferred automatically.
What are the consequences of BitBay moving to Malta?
Functionally, not much will change. There will be the same markets, deposit methods, platform software and website address. Without any change, you will be able to find the exchange under the address BitBay.net and the login screen for BitBay should look the same as before (or at least similarly). The login will remain unchanged, as well as password and security matters.
What will change? Among others, the law the exchange is subjected to. According to BitBay, the company and its clients will be subject to the so-called international regulations. You will also need to undergo an account transfer procedure, details of which will be sent by the exchange itself. If you do not agree to the transfer of your account, the account in Malta will not be created and you will be able to withdraw your balance from the account maintained by company in Poland.
One of the most important changes will be the change of the company name. The new company is: Pinewood Holdings Limited. Please notice, the new name will no longer be called the same as the BitBay exchange, “Bitbay”.
What is the plan and deadlines for transferring BitBay account to Malta?
Until 31 May 2018, existing users will be able to use the full functionality of BitBay accounts.
After 31 May 2018, the use of the account in PLN (polish currency) will be suspended for accounts that didn’t transfer to Malta.
On 17 September 2018, BitBay exchange all trading activity for accounts remaining with old company will be suspended.
After 18 September 2018, you will only be able to withdraw all funds from your BitBay account, in case you won’t transfer to Malta.
Are you going to need verification again, after moving account to Malta?
According to BitBay, once you transfer your account to Bitbay in Malta, there will be no need to re-verify. Verification on BitBay will remain in effect.
Will the fees and commissions on BitBay change when moved to Malta?
We have no information on changes in commissions when moving BitBay account to Malta. Present fees on BitBay have opinions to be considerably high, especially when compared to far east crypto exchanges.
Will there be deposits, withdrawals and trading in Polish currency available on BitBay in Malta?
According to BitBay, after transferring the account to BitBay in Malta, there will be the possibility of deposits, withdrawals and trade in Polish zlotys. The possibility of making payments via post office will also remain unchanged.
Do you need to be afraid of BitBay cryptocurrency exchange moving from Poland to Malta?
From the assurances of the BitBay crypto exchange service, it seems that the procedure is under control of the company and there is nothing to fear. The coming months will show what the truth is and how the company will handle the relocation of such large customer base. Remember to contact the BitBay exchange service in case of any doubt and get answers to your most important questions or concerns.
Paradoxically, instead of being afraid of moving, maybe it is worth taking the opportunity that the secure and stable Bitcoin exchange moves to a friendly jurisdiction. Try the popular service out and create a free account on BitBay. The cryptocurrency exchange is known for providing good quality support, also in less popular languages, which may be important for people who do not speak English.
What are basic features of BitBay cryptocurrency exchange and investor’s opinions?
BitBay is the biggest European cryptocurrency exchange in terms of number of accounts. I was originally launched in Poland, then it is planned to complete transfer to Malta in 2018. It is easy to use, but cryptocurrency number is moderate, comparing to asian crypto exchanges. Available coins and tokens are: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Lisk, Litecoin, Monero, Zcash, Infinity Economics XIN, FuturoCoin, Dash, Game, Ripple, Kzcash, OmiseGo, Golem, ZeroX 0x, Basic Attention Token, Augur REP, TenX PAY and Neumark. There also fiat currency wallets: USD, EUR and PLN. Customers have positive opinions on BitBay, while fees are higher comparing to high volume asian exchanges (as far as 0.73% to buy and sell, when trading low volume on BitBay).