Estonia suspends Zondacrypto license over withdrawal issues

Estonia’s FIU suspended Zondacrypto’s license for 30 days, blocking new deposits and clients amid withdrawal issues and regulatory breaches. Existing users can withdraw funds. The exchange faces possible license revocation and bankruptcy.

Estonia’s Financial Intelligence Unit (FIU) has partially suspended the operating license of BB Trade Estonia OÜ, the company behind the Zondacrypto exchange, for 30 days. During this period, Zondacrypto is prohibited from accepting new deposits and onboarding new clients. However, existing users are still allowed to withdraw their funds. The FIU’s decision comes amid growing concerns over withdrawal delays, with approximately 4,500 Bitcoin reportedly inaccessible in the exchange’s cold wallet. Additional regulatory breaches were cited, including the TeamPL token’s violation of MiCA rules due to the absence of a required white paper. Zondacrypto must resolve these compliance issues within 30 days or risk full license revocation. Polish authorities have also launched investigations into the exchange’s operational practices and foreign capital involvement. Meanwhile, lawyers representing affected customers are preparing to file for bankruptcy. The exchange, originally founded in Poland as BitBay and registered in Estonia since 2019, has not issued a public statement.