Bitbay Exchange Survives Estonia’s Stricter New Regulations, Gets Fully Licensed

Bitbay has now become a fully registered crypto exchange in Estonia after complying with the new tougher industry rules. Since the new rules were introduced for the industry last year, many exchanges operational in the country, have been striving to meet up with the requirements. However, the European trading platform, Bitbay has now recently passed an independent audit which approves it to be solvent, secure and shows fiscal responsibility.

Audit Carried Out on AML and KYC Procedures at Bitbay

Bitbay, one of the foremost crypto exchange platforms in Europe, has now been fully licensed and regulated. After being audited by an independent third party, the company has been found to be totally compliant with Estonia’s tougher regulations imposed last year. The audit included a thorough check of the; know-your-customer (KYC) and anti-money laundering (AML) procedures at Bitbay, as well as the general accounting practices of the firm.

The extensive check also looked at the platform’s financial assets, verifying both its crypto and fiat funds. It also determined the total number of user accounts under the platform, while analysing the revenue as well as the profit being made. Summing up the audit, and as announced in a publication on the exchange’s website on Wednesday, the audit confirms Bitbay as solvent, secure, and fiscally responsible.

Bitbay has said the successful audit is not just a win for the exchange alone, but a win for the entire crypto industry. The company noted the importance of regulations as an integral part of securing the future of digital assets, and the viability of all crypto exchanges at large.

Recall that Estonia had imposed stiffer licensing rules for crypto service providers last fall. And now, they are all required to meet the same standards set for traditional financial institutions under the country’s Terrorist Financing and Money Laundering Acts. As at December 2020, Estonia’s Financial Intelligence Unit revoked over a thousand licenses that were being used by crypto firms at the time.