BitBay Changes Payment Provider Amid Backlash from Banks

Polish crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term BitBay has partnered with Payment Technologies to handle PLN deposits and withdrawal services for its clients.

Announced on Thursday, the exchange changed its existing payment service provider as it received a termination of a service contract from the bank.

“We were prepared for such a situation. To protect the interests of our users, we decided to switch to a new operator that will handle PLN transfers,” the exchange noted.

The new payment provider will handle PLN deposits and withdrawals by wire bank transfers, the exchange detailed, and will take over deposit services today, while withdrawal services will be processed from October 28.

The exchange also warned its clients not to make further deposits on the old accounts, as it will lead to a refund.

“On 24th October, the payment details for deposits will be changed in our system. If you will send funds to the previous bank account, the transfer will be returned by the bank,” BitPay stated.

“We do our best to ensure that the change of the service provider will go seamlessly. However, please be aware that in the first days after launching there may be slight delays in crediting deposits and processing withdrawals.”

No major changes for the clients

The exchange also assured that the change of payment provider will not affect its Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pool.

“The funds of all our users will be secure - we keep them on independent bank accounts, as well as on external cold wallets, which are not accessible either from the platform level or the operator who serves us in a given region,” the announcement added.

Meanwhile, BitBay recently decided to operate under Pinewood Estonia OÜ from November 1. The decision was taken as the later received two regulatory licenses from the Estonian authorities to run a crypto exchange from the jurisdiction.