The decision of the Estonian office means in practice an immediate freezing of key areas of the exchange's operations.
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According to the official statement, the following sanctions and restrictions were imposed on the company:
- ban on accepting new assets: Zondacrypto cannot accept any additional funds from its existing users – this applies to both traditional fiat currencies (traditional money) and cryptocurrencies.
- registration ban: the company is completely prohibited from establishing business relationships and opening accounts for new customers.
- withdrawals remain active: the restrictions imposed do not block refund operations. Current clients of the exchange retain the right to withdraw their existing assets accumulated on the platform.
Estonia gives you time to save your business
The legal basis for issuing the decision included, among others: strict provisions of the Estonian Anti-Money Laundering and Terrorist Financing Act (AML/CTF) and the local code regulating business activities.
The partial suspension of the license is not yet a final verdict, but a final warning. The FIU has appointed BB Trade Estonia OÜ a strict deadline of 30 days to adapt all its operational activities to applicable legal requirements and remove any deficiencies.
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If, within this time, the Zondacrypto operator fails to prove to officials full compliance with the procedures, regulations will force the Estonian office to completely and irrevocably revoke the license to provide services related to virtual currencies.
Warning for those affected
The authorities in Tallinn are also protecting themselves against a worst-case scenario.
The official statement of the Estonian Financial Intelligence Unit clearly states that in the event of any technical or legal problems with the recovery of private funds, BB Trade Estonia OÜ customers have the full right to immediately report the case to law enforcement authorities (prosecutor's office or police) in the country of their permanent residence.
