Estonia issues an investor warning against Zondacrypto, alleging violations of MiCA regulations

On May 9, the Estonian Financial Supervisory Authority (FSA) issued an investor warning regarding BB Trade Estonia OÜ (which operates the Zondacrypto digital asset exchange), stating that Zondacrypto did not publish the whitepaper for the “TeamPL” crypto token on its website, in violation of Article 9(1) of the EU Markets in Crypto-Assets (MiCA) regulatory framework.

MiCA Non-Compliance Details and Official FSA Warning from Estonia

According to the FSA’s official warning, Zondacrypto did not publish the whitepaper for the “TeamPL” crypto token on its website. In its statement, the FSA cited: “This action violates the provisions of Article 9(1) of MiCA, which requires that a crypto-asset whitepaper be kept on the website of the issuer or the person seeking admission to trading until the crypto asset is held by the public.”

The warning was issued to BB Trade Estonia OÜ, the legal entity behind Zondacrypto.

Zondacrypto Withdrawal Problems and Polish Law-Enforcement Investigation

According to a Cointelegraph report, Polish investigators launched an investigation into Zondacrypto in April 2026 over withdrawal issues reported by users and complaints that they could not access their funds. The last social media post by Zondacrypto CEO Przemysław Kral was published on April 16, 2026, and no new content has been posted since then. Local media in Poland reported that during the investigation by Polish law-enforcement authorities, Kral traveled to Israel, where he holds Israeli citizenship.

Cold Wallet Access Crisis and Kral’s Public Statement

According to a Cointelegraph report, in April 2026, Zondacrypto CEO Kral said the exchange could not access a cold wallet containing about 4,500 bitcoins (BTC), which was worth about $360 million at the time of writing. Kral stated that Zondacrypto’s founder and former CEO Sylwester Suszek had never delivered the private keys to the wallet. Suszek has been missing since 2022. Kral denied rumors that the exchange had gone bankrupt and said the exchange will fulfill all customer obligations.

In February 2026, Kral told Cointelegraph that because Polish crypto-asset regulation has not yet been aligned with the EU MiCA framework, the company’s headquarters is located outside Poland. He said: “Although we are a company rooted in Poland and also the largest participant in Poland’s crypto-asset market, we have been operating outside Poland for many years.”

FAQ

What are the specific reasons and legal basis cited by the Estonian FSA for its warning to Zondacrypto?

According to the Estonian FSA’s official warning, Zondacrypto did not publish the whitepaper for the “TeamPL” crypto token on its website, in violation of Article 9(1) of the EU MiCA regulation. That provision requires that a crypto-asset whitepaper be kept on the website of the issuer or the person seeking admission to trading until the crypto asset is held by the public.

How much BTC is involved in Zondacrypto’s cold wallet issue?

According to Cointelegraph, in April 2026 Kral said the cold wallet the exchange cannot access contains about 4,500 BTC, worth about $360 million at the time of writing. Kral stated that former CEO Suszek never delivered the private keys and has been missing since 2022.

When did Polish authorities launch an investigation into Zondacrypto?

According to Cointelegraph, Polish investigators began an investigation in April 2026 into withdrawal issues reported by users and complaints that they could not access funds.