Estonia's Financial Supervision and Resolution Authority (FSA), the country’s financial regulator, issued an investor warning for BB Trade Estonia OÜ, the company that operates the Zondacrypto digital asset exchange.
The FSA <a href="https://www.fi.ee/sites/default/files/2026-05/hoiatusteade-bb-trade-estonia-ou.pdf" rel="noopener noreferrer nofollow">said</a> the company did not make a white paper available on its website for the “TeamPL” crypto token listed on the crypto exchange, a violation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. According to the FSA:&nbsp;
<blockquote>
 “This action violates Article 9, Section 1 of [MiCA], according to which crypto-asset white papers shall remain available on the website of the offerors or persons seeking admission trading for as long as the crypto-assets are held by the public.”
</blockquote><img alt="Estonia's FSA issues investor warning about Zondacrypto" height="1118" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-05-08-at-40536-pm.png" width="790">
The investor warning for Zondacrypto and its parent company. Source: <a href="https://www.fi.ee/sites/default/files/2026-05/hoiatusteade-bb-trade-estonia-ou.pdf" rel="noopener noreferrer nofollow">Estonia FSA</a>
Cointelegraph reached out to Zondacrypto but did not receive a response by the time of publication.
The investor warning follows news of <a href="https://cointelegraph.com/news/zonda-crypto-4500-btc-wallet-inaccessible-withdrawal-crisis" rel="noopener noreferrer nofollow">withdrawal issues at the Zondacrypto exchange</a> and an investigation into the company by Polish law enforcement officials.
Related: <a href="https://cointelegraph.com/news/europe-mica-regime-smaller-crypto-firms" rel="noopener noreferrer nofollow">Europe’s MiCA regime puts smaller crypto firms under pressure</a>
<h2 id="zondacrypto-faces-investigation-following-withdrawal-and-access-issues">Zondacrypto faces investigation following withdrawal and access issues</h2>
In April, Zonda CEO Przemysław Kral <a href="https://x.com/przemyslaw_kral/status/2044763900541854094" rel="noopener noreferrer nofollow">said</a> the exchange did not have access to a cold wallet containing about 4,500 Bitcoin (BTC), valued at about $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 is insolvent, adding that it would meet all customer obligations.&nbsp;<img alt="Estonia's FSA issues investor warning about Zondacrypto" height="1176" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-05-08-at-40859-pm.png" width="1196">
Kral's last post on the X social media platform was published on April 16, 2026. Source: <a href="https://x.com/przemyslaw_kral/status/2044763900541854094" rel="noopener noreferrer nofollow">Przemysław Kral</a>
Polish investigators initiated a probe into the company in April, following reports from users of withdrawal issues and the inability to access funds.
Since that time, Kral has gone silent on social media, with no new posts since April 16. Local media outlets reported that <a href="https://cointelegraph.com/news/zonda-crypto-ceo-vanish-prosecutor-probe-poland" rel="noopener noreferrer nofollow">he flew to Israel</a>, where he is a citizen, amid the probe by Polish law enforcement.
In February, he told Cointelegraph that the company is <a href="https://cointelegraph.com/news/poland-crypto-bill-second-veto-firms-seek-mica-abroad" rel="noopener noreferrer nofollow">based outside of Poland</a> because the country has not brought its crypto regulations in line with the EU’s MiCA framework.
“Although we are a company with Polish roots and the largest player in the crypto industry on the Polish market, we have been operating outside Poland for years,” he said.
Magazine: <a href="https://cointelegraph-magazine.com/guide-top-emerging-global-crypto-hubs-2026/" rel="noopener noreferrer nofollow">Guide to the top and emerging global crypto hubs: Mid-2026</a>

Estonia's FSA issues investor warning about Zondacrypto

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