Новости

BitBay is licensed in Estonia!

17-10-2019


We would like to share good news with you. 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.

Why we move operations to Estonia?

Estonia is seen as the leader among European cryptocurrency-friendly countries. Many cryptocurrency businesses and blockchain projects have opened their headquarters in Estonia.

As you may know, our licensed payment provider BitBay Pay has been serving clients from Estonia for almost a year. As a result, we have verified in practice the high level of professionalism of the local administration and the regulatory conditions prevailing there. The above experience prompted us to apply in Estonia for licenses authorizing cryptocurrency exchange in this country. We succeed! Therefore, we decided to transfer our activities to Pinewood Estonia OÜ.

What does migration to Estonia mean to our users?

For our users, migration to Estonia means only that as of November 1st, the entity registered in Estonia will be responsible for platform operations. Importantly, 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.

The functionalities available on BitBay will remain the same. However, the transfer will bring new options for deposits and withdrawals. We also plan to launch completely new products, including a dedicated IEO solution.

Moving to Estonia will not change anything for verified users. European rules will continue to apply and you will not need to undergo the verification process again. Moreover, the verification process will be noticeably improved and shortened for new users based on new technological solutions that we already implemented.

How will migration to Estonia proceed?

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. The new regulations will be communicated to users in advance in the next email, no later than October 24th.

Migration is free. There will be no charges related to this process.

Users who do not want to be served by the Estonian operator have the right to withdraw from 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 31 at the latest. Termination of the contract should be mailed at [email protected]

How will migration to Estonia look like in practice?

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

2) On 24th October at the latest, each user will be provided with the new Terms of Use and the Privacy Policy.

3) 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.

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

5) All verified accounts will remain verified after the migration.

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

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

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

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

10) 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]