Estonia Financial Regulator Issues Investor Warning Against Zondacrypto

Estonia’s financial regulator has issued an investor warning against cryptocurrency exchange Zondacrypto, adding fresh pressure on the platform as it faces regulatory scrutiny and reports of customer withdrawal problems.

Estonia FSA Flags MiCA Compliance Concerns at Zondacrypto

The Financial Supervision and Resolution Authority (FSA) warned investors about BB Trade Estonia OÜ, the company operating Zondacrypto, over concerns linked to European Union crypto rules.

According to the regulator, the exchange failed to provide a publicly available white paper for the TeamPL crypto token listed on its platform. Under the European Union’s Markets in Crypto-Assets (MiCA) framework, exchanges and token issuers are required to keep crypto-asset white papers accessible for as long as the assets remain publicly held.

The FSA said the absence of the required documentation may violate MiCA regulations, prompting the official warning to investors.

Zondacrypto Faces Withdrawal Problems and Investigation

The regulatory action comes after reports of withdrawal delays and customer access problems on the exchange. In April, Zondacrypto CEO Przemysław Kral said the company had lost access to a cold wallet containing roughly 4,500 Bitcoin, worth around $360 million.

Kral claimed the private keys were never transferred by former CEO and founder Sylwester Suszek, who has reportedly been missing since 2022. He denied claims that the exchange was insolvent and said customer obligations would be met.

Polish Authorities Continue Probe

Polish investigators launched an investigation into the company following complaints from users unable to withdraw funds. Since mid-April, Kral has remained inactive on social media, while reports suggest he traveled to Israel during the ongoing investigation.