Noticias

New BitBay Estonia Terms of Use and Privacy Policy

24-10-2019

Last week, we announced that Pinewood Estonia OÜ, a company affiliated with us, has obtained two licenses legitimizing it to operate the cryptocurrency exchange in Estonia! In view of interests of our users, we have decided that this company will become the new operator of the BitBay exchange.

Thanks to the transfer of our activity to a licensed entity, we will be able to acquire new partners in the field of deposits and withdrawals and launch new products, including a dedicated IEO solution. What's more, the verification process will be noticeably streamlined and shortened based on new technological solutions.

Pinewood Holdings Limited will remain the owner of rights to trading platform itself and will be granting a license to the new operator in Estonia. We will also stay in contact with the Maltese authorities, who invited us to migrate to Malta and with whom we have good relations.

New Terms of Use and Privacy Policy

From November 1st, the BitBay platform will be operated by Pinewood Estonia OÜ with licenses in Estonia. The change will occur automatically and will not require additional activity from users.

As announced, we are now publishing new Terms of Use and a Privacy Policy. In both documents, changes are marked.

Users who do not want to be served by the Estonian operator or do not accept changes to the Terms of Use have the right to terminate the service contract by closing their account on the BitBay exchange and withdrawing funds no later than by the end of October 31st, with the proviso that the order to withdraw funds in FIAT should be made by 12:00 pm (CET) on October 31st at the latest. Termination of the contract should be mailed at [email protected]

How will migration to Estonia look like in practice?

Migration is free. There will be no charges related to this process. For the convenience of our users, this process has been maximally simplified.

  • User accounts will be migrated to Pinewood Estonia OÜ automatically as at the end of 31st October.

  • During and after migration, the funds of all our users will be secure - we keep them on independent bank accounts, as well as on external cold wallets, which are not accessible either from the platform level or the operator who serves us in a given region.

  • Login, password, and 2FA will not be changed. Balances will be completely rewritten. Your orders will not be canceled.

  • All verified accounts will remain verified after the migration.

  • After moving to Estonia, PLN deposits and withdrawals by wire bank transfers will be available. We plan to launch more payment operators.

  • Deposits and withdrawals at Polish Post Office and withdrawals at ATMs will remain available for customers after the migration.

  • After moving to Estonia, we will have new opportunities to launch alternative options for the deposit and withdrawal of EUR, GBP, and USD.

  • All markets for trading will remain available. We are working on adding new ones with popular cryptocurrencies.

  • The affiliate program will work without any changes. The migration will not affect the number of your affiliates.

We believe that the transfer of our activity to Estonia will soon translate into a higher quality of our services and a more dynamic development of functionality and products.

If you have any questions, please contact us at [email protected]