Pinewood Estonia OÜ, a company affiliated with Bitbay, has obtained two licenses legitimizing it to operate the cryptocurrency ex-change in Estonia!
Why they move operations to Estonia?
Estonia is seen as the leader among European cryptocurrency-friendly countries.
As you may know, BitBay licensed payment provider BitBay Pay has been serving clients from Estonia for almost a year. As a result, BitBay have verified in practice the high level of professionalism of the local administration and the regulatory conditions prevailing there. The above experience prompted company to apply in Estonia for licenses authorizing cryptocurrency exchange in this country. Therefore, company decided to trans-fer activities to Pinewood Estonia OÜ.
How will migration to Estonia look like in practice?
- User accounts will be migrated to Pinewood Estonia OÜ automatically as
atthe end of 31 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
ac-cessibleeither 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
rewrit-ten. 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
beavailable. 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
op-tionsfor the deposit and withdrawal of EUR, GBP, and USD.
- All markets for trading will remain
availale. 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.
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 with-draw 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.