Estonia’s FSA issues investor warning for Zondacrypto exchange over MiCA violation
The regulatory warning arrives as Polish authorities investigate the exchange over frozen Bitcoin wallets and customer withdrawal complaints.
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Add us on Google by Editorial Team May. 9, 2026Estonia’s financial regulator just put Zondacrypto on notice, and the timing could not be worse for an exchange already dealing with a law enforcement investigation in Poland and mounting customer complaints about locked funds.
The Financial Supervision and Resolution Authority (FSA) issued a formal investor warning against BB Trade Estonia OÜ, the Estonian-licensed entity that operates the Zondacrypto digital asset exchange. The violation: listing a crypto token called “TeamPL” without publishing the required white paper on its website, a direct breach of the EU’s Markets in Crypto-Assets (MiCA) framework.
What MiCA requires and where Zondacrypto fell short
MiCA mandates that any token listed on a trading platform must have a publicly accessible white paper before it can be offered to the public or admitted to trading. The FSA cited a violation of MiCA Article 9(1). Zondacrypto listed TeamPL without one.
Estonia, as an EU member state, is obligated to enforce MiCA across all crypto-asset service providers operating under its licensing regime. No financial penalties have been announced yet.
BB Trade Estonia OÜ has not publicly commented on the warning.
The bigger problem: frozen Bitcoin and withdrawal complaints
Polish law enforcement officials have been investigating the exchange over a wave of customer complaints about withdrawal delays. Users have reported being unable to access their funds.
At the center of the investigation: a cold wallet reportedly containing 4,500 BTC that is currently inaccessible.
Why this matters for EU crypto investors
For investors using Zondacrypto, the immediate concern is practical: can you get your money out? The reports of ongoing withdrawal delays suggest that for some users, the answer is currently no.
Estonia has been a popular jurisdiction for crypto licensing, with dozens of companies obtaining registrations there over the past several years. This enforcement action tests whether that licensing regime has teeth.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
