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Bitbay has become a fully licensed cryptocurrency exchange in Estonia which introduced stricter rules for the industry last year. The European trading platform has recently passed an independent audit that confirmed its \u201csolvency, security and fiscal responsibility.\u201d<\/strong><\/p>\n Bitbay, a leading crypto trading platform in Europe, is now a fully licensed and regulated exchange under Estonia\u2019s stringent regulations imposed last fall. The company has been audited by an independent third party which thoroughly examined its accounting practices, including anti-money laundering (AML) and know-your-customer (KYC) procedures.<\/p>\n The inspection also verified the platform\u2019s financial assets, including crypto and fiat funds, as well as the current state of user accounts. Income, revenue, and profit were analyzed too, and according to an announcement<\/a> published on the exchange\u2019s website on Wednesday, the audit has confirmed Bitbay is solvent, secure, and fiscally responsible.<\/p>\n Estonia tightened its licensing regime for crypto service providers in late 2020 and they are now required to meet the same standards as traditional financial institutions under the country\u2019s Money Laundering and Terrorist Financing Act. In December, the Baltic nation\u2019s Financial Intelligence Unit revoked<\/a> more than 1,000 licenses previously issued to virtual currency firms.<\/p>\n Bitbay referred to the successful audit as a milestone, not only for the exchange itself but also the crypto industry in general. The company noted that \u201cregulation is fundamental to creating a secure future for digital money and cryptocurrency exchanges.\u201d It insisted that \u201conly by bringing cryptocurrency into the light will we be able to open it up for everyone,\u201d emphasizing its commitment to work with authorities to \u201ctransform how deposits, trades, and tax flow transparently to, through and from crypto exchanges.\u201d Bitbay further pointed out:<\/p>\n For the million or so users on our platform across Europe, this certification should provide further comfort that their assets are in good hands.<\/p>\n<\/blockquote>\n Bitbay also published key figures from its financial statement. According to the provided data, the company has generated \u20ac8,849,686 in net revenue between October 2019 and December 2020, resulting in a net profit of \u20ac6,491,835 after tax. Its share capital is \u20ac100,000.<\/p>\n The crypto exchange was launched in Poland in 2014 but in the spring of 2018, it decided to leave its home country, citing difficulties with access to banking services. Bitbay announced a decision to move its exchange operations to Malta, another EU member state. The government of the \u201cBlockchain Island\u201d has been working to create a crypto-friendly business climate. Digital asset trading platform Crypto.com recently became<\/a> the country\u2019s first licensed exchange to offer bank transfers.<\/p>\nAudit Examines AML and KYC Procedures at Bitbay<\/h2>\n
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