The Polish Financial Supervision Authority also filed a possible offense notification to the prosecutor's office concerning BitBay, one of the biggest cryptocurrency markets in Poland
The Financial Supervision Authority announced that it is putting BitBay, a company based in Katowice, on its public warning list. BitBay is one of the biggest and most popular cryptocurrency markets in Poland. The warning list is a public register of companies that, for example, do not have the proper licenses for their financial activities.
The regulator also filed a possible offense notification to the public prosecutor's office. The company is suspected to have undertaken unauthorized activities in terms of payment services or issuing so-called electronic currency. BitBay offers customers current accounts in bitcoin, among others, and until recently it also sold payment cards.
BitBay commented on the events on its Facebook profile. The company wrote that it has legal opinions, procedures and processes that guarantee that its activities are in accordance with the law. - Government institutions do not issue licenses for this type of services in Poland, which is why we aim to follow the best standards expressed in the Polish cryptocurrency market's good practice canon and the AML (anti money laundering directive) and KYC (“know your customer”) policies, which we have implemented despite a lack of regulation in this area - the statement says.
BitBay is also assuring its customers that their money is safe. - Each of our users has an individual, virtual bank account in złoty. Deposits and withdrawals in US dollars and euros are warranted by the payment operator - a company licensed and regulated by the Financial Supervision Authority. Out market's customers do not need to worry about the state of their deposits or access to them - the company stated in response to the regulator's claims.