Estonia's Financial Supervision and Resolution Authority (FSA) issued an investor warning for BB Trade Estonia OÜ, operator of the Zondacrypto digital asset exchange.
The FSA stated the company violated the EU's Markets in Crypto-Assets (MiCA) framework by failing to publish a white paper for the "TeamPL" token on its website. European law requires such documents remain available for as long as the crypto-assets are held by the public.
This warning follows reports of withdrawal issues at Zondacrypto and an investigation by Polish police.
Zonda CEO Przemysław Kral confirmed in April the exchange lost access to a cold wallet holding approximately 4,500 Bitcoin, valued at around $360 million. Kral claimed the private keys were never handed over by founder and former CEO Sylwester Suszek, who has been missing since 2022. He denied insolvency, insisting the company would meet all customer obligations.
Kral has not posted on social media since April 16. Local reports say he flew to Israel, where he holds citizenship, amid the Polish investigation.