Estonia's Financial Supervision Authority (FSA) has issued an investor warning against Zondacrypto, the exchange formerly known as BitBay. The regulator cites MiCA compliance issues and what it calls “ongoing withdrawal crises” at the platform. The alert comes as separate investigations into Zondacrypto remain active.
Why the FSA stepped in
MiCA, the European Union's Markets in Crypto-Assets regulation, took full effect earlier this year. The FSA says Zondacrypto's operations don't meet the standards the framework requires. The warning doesn't detail every specific violation, but it puts the exchange on notice: regulators are watching, and the clock is ticking.
For a platform that once operated under a different name and a different regulatory posture, this isn't just a slap on the wrist. It's a public signal that Estonia's watchdog sees real risk.
Withdrawal problems that won't go away
The FSA's mention of ongoing withdrawal crises isn't new to users who've been tracking Zondacrypto. The exchange has struggled to process exits smoothly for months. Some customers have reported delays stretching into days. The regulator's warning formalizes what had been a simmering issue — and makes it harder for the exchange to brush aside.
It's one thing to have a technical glitch. It's another to have a national financial authority point directly at your withdrawal system as a problem.
Investigations still open
The FSA also confirmed that investigations involving Zondacrypto are ongoing. No details on the scope or timeline have been released. The warning itself doesn't impose a fine or a suspension — not yet. But it does put current and potential users on notice that the exchange is under a cloud.
Zondacrypto hasn't issued a public response to the FSA's warning as of this writing. The exchange's next move will be telling. If it can't quickly address the MiCA compliance gaps and stabilize withdrawals, the regulator could escalate.
For now, the FSA has made its position clear. Investors weighing whether to keep funds on Zondacrypto have one more reason to think twice.
