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Interesting Read: Poland’s Third Crypto Regulation Veto

https://kancelaria-skarbiec.pl/en/crypto-assests/

As of April 2026, zondacrypto (formerly BitBay), the largest cryptocurrency exchange in Poland, is currently embroiled in a significant crisis involving liquidity concerns, withdrawal issues, and a heated political battle. 

The situation is developing rapidly. Here are the primary problems currently being reported: 

1. Liquidity and Reserve Concerns

The most alarming development is a report from crypto-market intelligence firms (notably Recoveris) claiming a massive drop in the platform’s Bitcoin reserves. 

• The Claim: Reports suggest Bitcoin holdings on the exchange plummeted from over 55 BTC in 2024 to roughly 0.18 BTC by March 2026—a decline of over 99%. 

• The Company Response: CEO Przemysław Kral has dismissed these reports as a "fundamental analytical error," stating that the data only accounts for "hot wallets" (online trading funds) and that the majority of assets are safe in "cold wallets" (offline storage). However, the company has reportedly declined to provide a full, public "Proof of Reserves" to verify this. 

2. Withdrawal and Technical Issues

Over the last few days, users have flooded social media and review platforms with complaints regarding:

• Frozen Funds: Many users report being unable to withdraw their assets, with some withdrawals pending for days. 

• Technical Silence: While the CEO has attributed these delays to temporary technical glitches, users report that customer support has been largely unresponsive.

• Sponsorship Failures: Several professional sports clubs sponsored by the platform have reportedly alleged they have not received contracted payments for months. 

3. Regulatory "Gray Zone" in Poland

The Zonda crisis has triggered a political firestorm in Poland regarding the lack of oversight: 

• Political Blame Game: The Polish government (led by PM Donald Tusk) has blamed President Karol Nawrocki for twice vetoing legislation that would have granted the Polish Financial Supervision Authority (KNF) greater power to regulate the crypto market. 

• No Protection: Because these laws were vetoed, the KNF currently has no authority over cryptocurrency exchanges. This means Polish investors have very little legal recourse through domestic financial regulators. 

• Estonian Licensing: Zonda is officially registered in Estonia. Critics argue that even if the Polish laws had passed, Zonda might have remained exempt from immediate local oversight until later in 2026. 

4. Impending Deadline (MiCA)

There is a broader looming issue for all crypto firms in Poland. Under the EU's Markets in Crypto-Assets (MiCA) regulation, firms must be licensed by July 1, 2026. Because of the presidential vetoes on domestic implementing legislation, there is currently no established "competent authority" in Poland to issue these licenses. This creates a risk that Polish exchanges may be forced to shut down or move operations entirely abroad if the legal deadlock isn't resolved by the summer.

Polish president “veto” MICA

The situation regarding the MiCA (Markets in Crypto-Assets) license in Poland is currently a high-stakes "regulatory vacuum." While the EU regulation officially applies, Poland is the only member state that hasn't successfully passed its own national laws to handle the paperwork. 

Here is the breakdown of why this matters for firms and investors as of March 2026:

1. The "Veto" Problem

The Polish government has attempted to pass the Crypto-Assets Market Act multiple times. However, the President recently issued a second veto (in February 2026). 

• The Objection: The President argued the law gave the Polish Financial Supervision Authority (KNF) excessive powers, including the ability to block domains and impose massive fines (up to 10 million PLN), which he deemed a threat to economic freedom. 

• The Result: Without this law, the KNF has no formal legal "tools" or designated department to actually process MiCA license applications. 

2. The July 1, 2026 Deadline

This is the most critical date. Under EU rules, there is a "grandfathering" period that allows existing crypto businesses to operate under old, simpler rules (VASP registration). 

• The Cliff: This transition period ends on July 1, 2026. 

• The Risk: If Poland doesn't pass a law before then, Polish crypto companies will have no way to get a license at home. On July 2nd, they could technically be operating illegally in the eyes of the EU. 

3. "Regulatory Asymmetry"

This has created a weird advantage for foreign companies over local ones:

• Foreign Firms: A company licensed in France, Malta, or Lithuania can "passport" its license into Poland and legally serve Polish customers today. 

• Polish Firms: Local startups cannot get a Polish MiCA license yet because the office to issue them doesn't legally exist. Many are now moving their headquarters to other EU countries just to secure a license before the July deadline.

Twist Bioscience Corporation. Brilliant news

Not bad at all Bright future ahead

The only way is up

Billy

https://www.semnet.co/post/semnet-and-netformx-announce-strategic-partnership-to-accelerate-ai-ready-data-centre-and-cybersecur

Promising 👍

Sound good 👍

What a mess 🤦‍♂️

Bake is looking for a new CEO

https://www.linkedin.com/posts/0xshayne_were-hiring-were-looking-for-an-activity-7343114443817439233-3FIh?utm_medium=ios_app&rcm=ACoAABWn43sB_0XYB9AhT1et0xjOXN7czhYPVGs&utm_source=social_share_send&utm_campaign=copy_link

Metapay has MIP licence in Poland (equivalent to SPI) so don’t panic

COAL nearly 1000 % up Any reason why? (Coincodex)

Top up time to me Another 2mil

He said “Wrapping up the integration between GS20 and Bake first, then ROCKET”

Look at Shayne answer to Mark Stephenson 👍👍.

https://www.linkedin.com/posts/0xshayne_im-happy-to-share-that-im-starting-a-new-activity-7293441033453936642-WZvU?utm_medium=ios_app&utm_source=social_share_send&utm_campaign=copy_link

Https://www.linkedin.com/posts/0xshayne_im-happy-to-share-that-im-starting-a-new-activity-7293441033453936642-WZvU?utm_medium=ios_app&utm_source=social_share_send&utm_campaign=copy_link

Raharh copy that Simple

Worst case scenario by end of March as per RNS so i understand (maybe i am wrong) that there will be no income

Please correct me if i am wrong No revenue for next 3 months from GS20?