The Estonian Financial Intelligence Unit (FIU) has partially suspended the operating license of BB Trade OÜ, the local entity behind the now-collapsed cryptocurrency exchange Zondacrypto. Under the order, which took effect on May 18, 2026, the platform is prohibited from accepting new clients or receiving any deposits—whether in fiat or crypto. Existing customers retain the right to withdraw their funds, but the operator must bring its practices into full legal compliance within 30 days or face permanent revocation of its license.
The FIU's action follows an earlier warning on May 8 regarding the TeamPL token issued by the exchange, which lacked a white paper as required by the European Union's Markets in Crypto Assets (MiCA) regulation. The regulator emphasized that the suspension was imposed under Estonia’s Money Laundering and Terrorist Financing Prevention Act and Economic Activities Code, urging any clients unable to recover assets to contact law enforcement in their home countries.
Zondacrypto, originally launched as BitBay in 2014, was one of the largest exchanges in Central and Eastern Europe until it halted withdrawals in April amid severe liquidity problems. Polish prosecutors estimate that at least 30,000 people lost approximately 350 million zloty (over $95 million). Investigators have seized 104 electronic devices and more than 13 terabytes of data from the company’s Polish servers. An analysis by market intelligence firm Recoveris revealed that $21.2 million was transferred out of Zonda wallets between December 2025 and April 2026 via 511 transactions using 30 different coins.
CEO Przemysław Kral admitted the company has been unable to access a cold wallet containing 450 BTC since the disappearance of founder Sylwester Suszek in 2022. Suszek, who sold the platform in 2021, remains missing and is presumed dead. Reports from Polish media allege that the exchange was controlled by the Russian mafia, with a shadow figure nicknamed “Maniek” running operations from Monaco while Suszek and later Kral acted as front men. Kral, who also holds an Israeli passport, is believed to be in Dubai.
Meanwhile, lawyers for the Polish victims are preparing to file a bankruptcy motion against BB Trade Estonia OÜ in an Estonian court, aiming to secure what remains of the entity’s assets before they vanish. Trading volume on Zondacrypto has collapsed to near zero following the sanctions, and the case highlights the contrast with established institutions: Estonian authorities recently granted a full MiCA license to major traditional bank LHV Pank.
