BitBay, one of the largest fiat-to-crypto exchanges in Europe, has officially moved to Malta from Poland and just added Monero and Zcash. Each listing will have four new trading pairs.
BitBay now serves 51 markets. The company reports that it has 800,000 users worldwide. Moving $5.0 million in Bitcoin and $9.1 million in combined markets in the past 24 hours, it ranks 64th in trading volume, according to CoinMarketCap. It previously added XRP and XIN.
BitBay is the second largest market maker for XIN, the native token of the Zurich-based Infinity Economics Platform, a community-led blockchain that released a privacy feature called “coin shuffling” which enables users to mix funds with other users’ funds to create a random mapping between existing accounts.
Last month, BitBay announced that as of September, 2018, it will be suspending trading on its platform in Poland and that “a new supplier in the jurisdiction of the Republic of Malta, which is cryptocurrency friendly” is resuming its business, operating under the BitBay brand name.
As of May 31, 2018, BitBay stopped all platform functions and transactions in PLN. The company reported that “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.”
All other functions of the BitBay exchange in Poland will still be active until September 18, 2018. After the expiry of the notice period, users will only be able to make withdrawals, at which time all trading on the BitBay exchange in Poland will be suspended.
Users who now log onto BitBay can create an account in Malta.
“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,” reads the announcement.
Malta has become the new cryptocurrency hotspot for blockchain-based businesses. Leading cryptocurrency exchanges Binance and OKEx both recently moved to Malta following new restrictions in Japan, where regulators responded to a series of exchange hacks.