Zondacrypto established a company in Cyprus. Polish authorities blocked its license.

Zondacrypto established a dedicated company in Nicosia and was close to receiving a Cypriot MiCA license, which would allow it to operate throughout the European Union. According to Rzeczpospolita, once the license was granted, the exchange was expected to receive at least PLN 100 million in new funding.

The procedure was halted after Polish institutions, including the Polish Financial Supervision Authority and the Internal Security Agency, notified CySEC. During the process of applying for a Cypriot license, Zondacrypto's cash holdings reportedly fell to approximately €400,000. A few months later, the Estonian company operating the exchange filed for bankruptcy, owing €432 million in liabilities.

A special company was registered in Nicosia

Preparations for obtaining a Cypriot license began much earlier. A company was established in the Republic of Cyprus. BB Trade (Cyprus) Limited, registered on December 4, 2024 under number HE 468498.

The entity was intended to be used to obtain a license in accordance with the EU MiCA regulation. Zondacrypto applied for such a license simultaneously in Estonia and Cyprus.

Issuing a license from the Cyprus Securities and Exchange Commission would allow the company to offer cryptocurrency-related services in other European Union countries. This allows for a passporting mechanism, which allows a license obtained in one member state to be used in other EU markets.

However, simply registering a company in Cyprus does not mean receiving a license or approval to conduct regulated financial activities. These are separate procedures, managed by different institutions.

Zondacrypto management arrived in Cyprus

According to information from "Rzeczpospolita", in early spring, a delegation of about ten people from Zondacrypto management came to the CySEC headquarters in Nicosia.

Its members were to include, among others, CEO Przemysław Kral, compliance director Dawid Sendecki, and Jacek Rogoż, one of the founders of the BitBay exchange, which later changed its name to Zondacrypto.

The company allegedly spent significant resources collaborating with Cypriot law firms to prepare documentation and meet the regulatory requirements. Exchange representatives were said to be convinced that obtaining the permit was merely a formality.

After the license, PLN 100 million was to appear

Obtaining the MiCA license was supposed to open the way for Zondacrypto to raise at least PLN 100 million in new capital from investors.

It was not disclosed who was supposed to provide the money or what the terms of the planned financing were. Information about the promised recapitalization comes from sources published by "Rzeczpospolita" and has not been officially confirmed by CySEC.

According to the newspaper's source, the new funding would allow the platform to continue acquiring customers and operating. It could also delay the disclosure of the company's true financial situation.

The Polish Financial Supervision Authority contacted regulators

Polish institutions have become interested in the procedure, including the Internal Security Agency, the National Prosecutor’s Office and the Polish Financial Supervision Authority.

The case was related, among other things, to an investigation conducted in Silesia into the disappearance of Sylwester Suszek, the founder of BitBay. Information gathered by investigators indicated that the platform may have been used to invest criminal proceeds and launder funds belonging to criminal groups.

These are suspicions investigated in the proceedings, not legally established facts.

The Polish Financial Supervision Authority confirmed to Rzeczpospolita that its representatives had contacted foreign authorities responsible for issuing licenses to providers of services related to cryptoassets.

The Polish commission was not a direct regulator of Zondacrypto, as the exchange operator operated under a license issued in Estonia. However, the Polish Financial Supervision Authority could exchange information with CySEC, the European Securities and Markets Authority, and regulators from other EU countries.

Several interventions regarding licensing

According to the newspaper's findings, there were several interventions regarding the Cypriot proceedings. The key contact occurred at the turn of March and April 2026, when the licensing process was in its final stages.

Polish institutions were to provide Cyprus with information regarding money laundering risks, the company's condition, and the security of customer funds. Prime Minister Donald Tusk was also to receive a document containing the findings.

CySEC ultimately did not issue a MiCA license to Zondacrypto. However, the regulator did not respond to Rzeczpospolita's questions regarding the reasons for this decision.

President Przemysław Kral previously claimed that the proceedings were halted due to informal pressure from Polish institutions. Lawyers representing the creditors, however, point out that the regulator can refuse to issue a permit if it perceives a risk to customers or suspicions of money laundering. It does not have to wait for final judgments to do so.

There is approximately 400,000 euros of cash left

The financial situation of the Zondacrypto operator was said to be deteriorating rapidly even before the withdrawals were blocked.

Data provided by a lawyer representing a group of creditors shows that the company's cash resources have fallen from €21.3 million in August 2025 to around €400,000 in March 2026.

At the same time, the balance sheet as of December 31, 2025, showed cryptocurrencies worth approximately €343.8 million. Several months later, the bankruptcy trustee reportedly could no longer find these assets.

At the beginning of April 2026, the platform blocked customers from withdrawing funds.

Zondacrypto operator declared bankruptcy

In May, the Estonian regulator partially suspended BB Trade Estonia OÜ's existing license, and on June 29th, it finally revoked it. The reason was reportedly its failure to comply with previous orders to bring its operations into compliance with the terms of its license.

On August 27, 2026, a court in Estonia declared the company bankrupt.

According to documents cited by "Rzeczpospolita," the assets determined based on the books amounted to approximately €167,000, while liabilities reached €432 million. The proceedings are being conducted in Tallinn by trustee Margus Lentsius.

The Polish prosecutor's office is investigating allegations of fraud, money laundering, and the operation of an organized crime group. Estimated client losses exceed PLN 350 million.

Charges and suspicions formulated during the investigation do not imply guilt until they are confirmed by final judgments.

Zondacrypto was already listed on the CySEC register

The official register of the Cypriot regulator confirms that BB Trade Estonia OÜ was previously registered as a cryptocurrency service provider from the European Economic Area, using the trade name zondacrypto.com.

The entry was dated September 2, 2024, and concerned activities conducted under an Estonian license. It was not a MiCA license issued by Cyprus and did not indicate that CySEC exercised full supervision of the exchange.

This is an important distinction. Zondacrypto was registered with the Cypriot regulator as a cross-border entity, but it did not receive the new license it sought through a company incorporated in Nicosia.

Did Zondacrypto really want to “escape” to Cyprus?

The term "escape to Cyprus" was used by "Rzeczpospolita" as a journalistic description of the plan to continue operations through a Cypriot company and a MiCA license.

There is no information that Cypriot authorities have officially described the company's actions in this way. Nor has there been any evidence that client assets were transferred to Cyprus.

The establishment of BB Trade (Cyprus) Limited and the Estonian operator's previous presence on the CySEC register are confirmed. Information about the PLN 100 million in financing, management meetings, and interventions by Polish services comes from findings in the Rzeczpospolita daily and the Polish Financial Supervision Authority's response to the newspaper.

Company registration does not imply a license

The Zondacrypto case also illustrates the difference between simply establishing a company and obtaining a license for regulated activities.

A Cypriot company can be established by an entrepreneur from Cyprus, another European Union country, or a third country. The most commonly chosen form is a Private Company Limited by Shares, the equivalent of a Polish limited liability company.

However, registration does not automatically allow the provision of financial, investment, or cryptoasset-related services. Conducting such activities may require a separate CySEC license and compliance with capital, governance, customer security, and anti-money laundering requirements.

Sources: Rzeczpospolita, Polish Radio 24, Cyprus Securities and Exchange Commission, Cypriot Companies Register