The Estonian Financial Supervision and Resolution Authority (FSA), the country’s financial regulator, has issued an investor warning for BB Trade Estonia OÜ, the company that operates digital asset exchange Zondacrypto.
The FSA said The company did not have a white paper listed on its website for the crypto exchange-listed “TeamPL” crypto token, a violation of the European Union’s Markets in Crypto-Asset (MiCA) regulatory framework. According to the FSA:
“This action violates Article 9, Section 1 of the [MiCA]according to which white papers on crypto-assets must remain available on the website of offerors or persons wishing to be admitted to trading for as long as the crypto-assets are held by the public.
The investor warning for Zondacrypto and its parent company. Source: Estonia FSA
Cointelegraph contacted Zondacrypto but did not receive a response at the time of publication.
The warning to investors follows the announcement of Withdrawal issues on Zondacrypto exchange and an investigation into the company by Polish law enforcement.
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Zondacrypto under investigation following withdrawal and access issues
In April, Przemysław Kral, CEO of Zonda said the exchange did not have access to a cold wallet containing approximately 4,500 Bitcoin (BTC), valued at approximately $360 million at the time of writing.
Kral claimed that the wallet’s private keys were never handed over by Sylwester Suszek, the founder and former CEO of Zondacrypto, who has been missing since 2022. He also denied rumors that the exchange was insolvent, adding that it would meet all customer obligations.
Kral’s last post on social media platform X was published on April 16, 2026. Source: Przemysław Kral
Polish investigators opened an investigation into the company in April, following reports from users of problems with withdrawals and inability to access funds.
Since then, Kral has remained silent on social media, with no new posts since April 16. Local media reported that he flew to Israelof which he is a citizen, in the midst of an investigation by Polish law enforcement.
In February, he told Cointelegraph that the company was based outside Poland because the country has not aligned its crypto regulations with the EU’s MiCA framework.
“Although we are a company of Polish origin and the largest player in the crypto industry in the Polish market, we have been operating outside of Poland for years,” he said.
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