While Zondacrypto customers have been waiting for their money for weeks, the exchange is becoming the focal point of a political clash. Donald Tusk lists the payments to the Ziobro and Wipler foundations, and the Prosecutor General names the team of investigators. Questions about the stock exchange reserves, the regulation of the cryptocurrency market and the presidential veto remain in the shadow of the political games.
It is April 9, 2026, and customers of the Zondacrypto cryptocurrency exchange are constantly complaining about unfulfilled withdrawal requests. We are talking about both transfers in traditional currencies and cryptocurrencies.
Another disturbing signal is the price divergence on the Zondacrypto exchange: bitcoin is valued there up to 20% lower than on other exchanges. Under normal circumstances, such a deep discount would be immediately eliminated by arbitrageurs. The fact that “cheap” bitcoin on Zondacrypto is not in demand indicates that investors are concerned about the impossibility of transferring assets.
Where are Zondacrypto reserves?
Three days ago, on April 6, journalists from Wirtualna Polska and money.pl – Szymon Jadczak and Karolina Wysota – reported that, according to experts from the analytical company Recoveris, the average monthly the stock of bitcoins in zondacrypto wallets dropped from approximately 55.7 BTC in August 2024 to 0.18 BTC in March 2026.
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The text described this as a 99% drop in stock exchange reserves. except that we are talking about hot stock exchange wallets. These are portfolios used to support the company's current operational activities. The remaining funds of each cryptocurrency exchange are stored in cold wallets – that is, disconnected from the Internet to hinder the potential theft of digital assets.
In the text of “WP” and money.pl there is no information about cold wallets where the actual Zondycrypto reserves should be located. According to the president of the stock exchange, Przemysław Kral, the company has 4,500 BTC in them (today they would be worth over PLN 1.16 billion). However, Kral does not provide evidence of the existence of these measures, which raises understandable concerns. It also does not name the auditing companies that were supposed to confirm the status of Zondacrypto's accounts.
Another questionable issue is the fact that the president of zondacrypto encouraged users who were unable to withdraw funds (including on the X.com platform and during an interview for naTemat.pl) to write him private messages. Therefore, the question arises whether these people were served outside the queue and on what basis?
Przemysław Kral received an offer of an interview from us, but he did not respond to our message until the article was published.
Tusk on transfers to the Ziobro and Wipler foundations
Before Wednesday's government meeting, Donald Tusk commented on the publications of money.pl and Wirtualna Polska:
– At the turn of October and November 2025, a month before the president's veto vote on the regulation of the cryptocurrency market, Przemysław Kral, president of the management board of Zondacrypto, made a payment of PLN 450,000. PLN to Zbigniew Ziobro's Institute of Sovereign Poland Foundation, while a company related to him paid PLN 70,000 to Przemysław Wipler's Good Government Foundation. euro and was the main sponsor of the CPAC event in Poland during the last presidential campaign – said the Prime Minister.
The reporter of “Superwizjer” Michał Fuja reported on X.com that the Zondacrypto-related company Expofer Servis House, which transferred funds to the Dobry Government foundation, was to participate in securing the assets of Sylwester Suszka – the missing president of the BitBay cryptocurrency exchange – the predecessor of Zondacrypto. Przemysław Kral was Suszek's lawyer at that time.
The issue of Zondacrypto's current problems will be dealt with by the Silesian branch of the National Prosecutor's Office as part of the investigation into the disappearance of the former owner of BitBaya. On Wednesday, information appeared that the team's lineup would be changed. New prosecutors will take over the case that has been ongoing for 4 years, which, according to experts, may mean that the investigation will be prolonged.
In his speech regarding Zondacrypto, Prime Minister Tusk called for a vote to reject Karol Nawrocki's veto to the act on the crypto-assets market as soon as possible. However, would its adoption change anything in the current situation?
The veto myth. Would MiCA save investors?
Doubts about the condition of the Zondacrypto exchange exist and are serious. At the same time, politicians who use this crisis in their political messages of the day are often untrue. Legal advisor Artur Bilski referred to the myths created around the act in an entry on the LinkdeIn platform. According to the expert, linking the lack of investor protection solely to President Nawrocki's recent veto is a substantive error.
Bilski emphasizes that the act was delayed for a year before it reached the president's desk, and the deadline for its implementation expired on December 30, 2024. He points out that if the country had met EU deadlines and adopted regulations on time, the transition period for entities such as Zondacrypto would have ended much earlier, which in practice could have prevented the exchange from continuing to provide services in Poland.
At the same time, the expert refutes the thesis that the very entry into force of the act automatically covered Zondacrypto under the supervision of the Polish Financial Supervision Authority. He explains that the Commission would exercise real control only over entities licensed in Poland (CASP). Zondacrypto, meanwhile, operates from Estonia. Therefore, the mere adoption of the act would not provide the Polish regulator with real tools to supervise this entity.
Artur Bilski also refers to the alleged powerlessness of the state in the current legal situation. The expert believes that the lack of a law on cryptoassets does not mean a legal vacuum, because law enforcement authorities and institutions such as the Office of Competition and Consumer Protection have tools to prosecute crimes and protect consumers. He reminds that the Polish Financial Supervision Authority has already submitted numerous notifications to the prosecutor's office, and their discontinuation – although debatable – was not due to the lack of regulations, but to investigators' decisions.
In summary, the author emphasizes that the provisions of the vetoed act, including the controversial Article 67.2 regarding blocking websites, would be mainly theoretical in the case of Zondacrypto, because the exchange, as an unlicensed entity, would not be subject to most of the obligations, the violation of which would allow such radical steps.
As for the fate of the Act on the Crypto-Asset Market itself, questions on this matter were sent by Bankier.pl to the Ministry of Finance on March 16. We wanted to find out whether the ministry would make another attempt to introduce it and how it responds to the act authored by Prof. Krzysztof Piech, located in the parliamentary freezer, which was supposed to answer the same problem. After 2 weeks of silence from the ministry, we reminded ourselves by phone. The answer has not come yet.
Licenses or lack thereof. Where is 950 thousand? Zonda customers?
Finally, it should be noted that Zondacrypto operates based on the Estonian VASP entry, which only applies to AML (anti-money laundering) procedures. The stock exchange still does not have a CASP license, which would require it to separate customer assets from the company's assets and other obligations required by EU law.
The Estonian Financial Supervision Authority Finantsinspektsioon did not directly answer our question about the CASP status of Zondacrypto (we asked whether the company has any chance of quickly obtaining this status). We only heard that so far this office has not granted such a license to any company.
FIU, the Estonian AML unit that supervises BB Trade Estonia OU, in comments for the Polish media pointed out that according to its information the company operating Zondacrypto serviced 57,000 at the end of 2025. active customers. The supervisor himself emphasized that this is far less than the million users declared by the exchange.
– This significant discrepancy suggests that most of these Polish citizens may be serviced by another entity – potentially a group company in Italy or an unknown entity, and not by an Estonian company – FIU pointed out in a comment to TVN24.
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