Bitbay passes Audit of Estonia’s Tougher Crypto Regulations

Bitbay passes Audit of Estonia’s Tougher Crypto Regulations
Cryptopia Account hacked

Crypto exchange Bitbay proved its platform as a most secure, responsible and better platform for the Bitbay users by passing Audit of Estonia’s tough crypto regulation rules.

Estonia is the most stricted region of Europe to restrict the Crypto services under high regulation so that no one crypto services can do any mistake and people can’t use the platform for illicit activities. In late 2020 Estonia stricted its laws over crypto firms. In December 2020, Baltic nation’s Financial Intelligence Unit revoked around 1000 licenses of the crypto firm, which were not following the strict law perfectly.

Recently, Bitbay was handed over to a third party investigation agency to investigate whether Bitpay is following the strict rules of Estonia or not. 

Under full Investigation, the Agency found that Bitpay followed all the measures which are necessary to prevent any kind of illicit activities like anti-money laundering (AML) and violation of know-your-customer (KYC) procedures. 

On Wednesday, Bitbay exchange announced through a post on its website that Bitpay became ” the first crypto platform to pass Estonia’s strict new regulatory rules”. 

BitBay Exchange said that this is just like a milestone achievement for the exchange because even with highly restricted rules and regulations, they passed all guidelines. Further BitBay added 

“For the million or so users on our platform across Europe, this certification should provide further comfort that their assets are in good hands”

Initially BitBay was launched in Poland in 2014 but in Poland, BitBay faced major issues related with its services, specially banking partners support, so in 2018 exchange decided to go back to its homeland. 

If we look at the earnings reports of the BitBay, which was published by the BitBay was €8,849,686, generated in net revenue between October 2019 and December 2020.

Read also: Effective CBDCs should involve public and private actors, says BIS