Pinewood Estonia OÜ has become the new operator of crypto exchange BitBay after gaining two regulatory licenses from Estonian regulators.
“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,” BitBay stated in Thursday’s announcement.
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“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.”
The exchange also stressed that the migration would not be a big change for its users. No registration is required, and all functionalities of the exchange will remain the same. However, the exchange will introduce new options of deposit and withdrawals with three fiats – euro, British pound, and US dollar.
The migration will be done on November 1, and the exchange will fall under the new regulatory standards. However, there will be no significant change, as it will be still following European standards.
“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,” the exchange added.
Jumping onto the IEO wagon
In addition to the transfer of rights, the exchange is also planning to introduce additional services, including a dedicated initial exchange offering (IEO) platform.
“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,” the exchange noted.
With friendly regulations, Estonia is becoming a hotbed for crypto-related businesses. Earlier this year, Germany-based WEG Bank gained similar licenses to operate in the country.
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