Estonia FSA Warns Zondacrypto Over Missing Token White Paper

Estonia’s Financial Supervision and Resolution Authority (FSA) issued an investor warning for BB Trade Estonia OÜ, the operator of the Zondacrypto exchange, after the platform did not display a white paper for the TeamPL token. The regulator said the omission violated the EU’s Markets in Crypto-Assets (MiCA) rules and warned investors about trading on the platform.

The FSA pointed to Article 9, Section 1 of MiCA in its notice and said: “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 for trading for as long as the crypto-assets are held by the public.” The warning covers both Zondacrypto and its parent company, BB Trade Estonia OÜ. The authority said no TeamPL white paper was available on the exchange’s site when it reviewed the platform.

The investor warning follows customer complaints about withdrawal failures and an investigation opened by Polish law enforcement in April after users reported they could not access funds. In April, Zondacrypto CEO Przemysław Kral reported the exchange lacked access to a cold wallet holding about 4,500 Bitcoin, roughly $360 million at the time, and attributed the problem to missing private keys. Kral said the keys were never handed over by Sylwester Suszek, the company founder and former CEO, who has been missing since 2022. He denied that the exchange was insolvent and stated it intended to meet customer obligations.

Kral has not posted on social media since April 16, 2026. Local accounts say he traveled to Israel, where he holds citizenship, while Polish authorities examined the company’s operations. Zondacrypto did not respond to requests for comment on the FSA warning or the ongoing investigations.

MiCA sets disclosure and consumer-protection requirements for issuers and trading venues across the EU, including the obligation to keep white papers publicly available for as long as a crypto-asset is held by the public. The FSA’s notice told investors to be cautious when dealing with Zondacrypto and referenced concerns about custody practices and corporate governance as probes by Polish law enforcement continue.