Estonia’s Financial Supervision and Resolution Authority (FSA), the country’s financial regulator, issued an investor warning for BB Trade Estonia OÜ, the company that operates the Zondacrypto digital asset exchange.
The FSA said the company did not have a white paper listed on its website for the “TeamPL” crypto token listed on the crypto exchange, a violation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. According to the FSA:
“This action violates Article 9, Section 1 of [MiCA], according to which crypto-asset white papers shall remain available on the website of the offerors or persons seeking admission trading for as long as the crypto-assets are held by the public.”
The investor warning for Zondacrypto and its parent company. Source: Estonia FSA
Cointelegraph reached out to Zondacrypto but did not receive a response by the time of publication.
The investor warning follows news of withdrawal issues at the Zondacrypto exchange and an investigation into the company by Polish law enforcement officials.
Related: Europe’s MiCA regime puts smaller crypto firms under pressure
Zondacrypto faces investigation following withdrawal and access issues
In April, Zonda CEO Przemysław Kral said the exchange did not have access to a cold wallet containing about 4,500 Bitcoin (BTC), valued at about $360 million at the time of writing.
Kral claimed that the wallet’s private keys were never handed over by Sylwester Suszek, the founder and former CEO of Zondacrypto, who has been missing since 2022. He also denied rumors that the exchange is insolvent, adding that it would meet all customer obligations.
Kral’s last post on the X social media platform was published on April 16, 2026. Source: Przemysław Kral
Polish investigators initiated a probe into the company in April, following reports from users of withdrawal issues and the inability to access funds.
Since that time, Kral has gone silent on social media, with no new posts since April 16. Local media outlets reported that he flew to Israel, where he is a citizen, amid the probe by Polish law enforcement.
In February, he told Cointelegraph that the company is based outside of Poland because the country has not brought its crypto regulations in line with the EU’s MiCA framework.
“Although we are a company with Polish roots and the largest player in the crypto industry on the Polish market, we have been operating outside Poland for years,” he said.
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