FSA cites MiCA breach for TeamPL listing without white paper; Polish probe targets 4,500 BTC frozen in cold wallets. Tests Estonia's crypto licensing enforcement.
Estonia’s Financial Supervision and Resolution Authority (FSA) issued a formal investor warning against BB Trade Estonia OÜ, the entity behind the Zondacrypto exchange, for listing a token without a required white paper. The warning lands while Polish law enforcement investigates the same exchange over inaccessible customer funds, including a cold wallet reportedly holding 4,500 BTC that users cannot withdraw.
The dual pressure–regulatory and criminal–turns Zondacrypto into a live test case for how EU member states enforce the new MiCA framework and for whether Estonia’s popular crypto licensing regime carries real consequences.
The FSA’s warning centers on the listing of a token called “TeamPL.” Under MiCA Article 9(1), any crypto-asset offered to the public or admitted to trading on a platform must have a white paper published on the issuer’s website before the listing. Zondacrypto listed TeamPL without one, a direct breach.
No financial penalty has been announced yet, but the warning itself signals that Estonia’s regulator is willing to publicly name non-compliant platforms. For traders, the immediate implication is that assets on Zondacrypto may not meet the disclosure standards now required across the EU. A token listed without a white paper leaves investors without the legally mandated information on the project’s risks, rights, and technology.
The exchange has not commented publicly on the warning.
Separately, Polish authorities are investigating Zondacrypto following a wave of customer complaints about withdrawal delays. The core of the probe is a cold wallet that reportedly contains 4,500 BTC–worth a substantial sum–that is currently inaccessible.
Users have reported being unable to move their funds off the platform. For anyone with assets on Zondacrypto, the practical question is whether withdrawals will be processed. The combination of a regulatory warning and a law enforcement investigation raises the risk that the exchange could face operational restrictions or asset freezes that further delay customer access.
The frozen BTC also creates a liquidity overhang. If those coins remain locked, the exchange’s ability to meet redemption requests depends on its other reserves. Without transparency on those reserves, customers are left guessing about the platform’s solvency.
Estonia has been one of the EU’s most popular jurisdictions for crypto licensing, with dozens of companies obtaining registrations there. The FSA’s action against BB Trade Estonia OÜ is one of the first public enforcements of MiCA by an Estonian regulator, and it will be watched closely by other licensed entities.
If the FSA follows up with fines or license restrictions, it would signal that Estonia’s regime has teeth–potentially prompting other exchanges to tighten compliance. Conversely, if the warning remains a one-off without further action, it may embolden platforms to test the boundaries of MiCA enforcement.
For traders, the Zondacrypto case also highlights the risk of using exchanges that rely on a single EU license but face legal trouble in another member state. Polish authorities are investigating, while the Estonian license is under scrutiny. Cross-border coordination could lead to a wider freeze on operations.
The fastest way to de-escalate would be for Zondacrypto to publish the required white paper for TeamPL and resolve the withdrawal issues–either by regaining access to the cold wallet or by processing withdrawals from other reserves. A public statement acknowledging the problems and outlining a timeline would also help restore some confidence.
From a regulatory standpoint, a clear resolution with the FSA–such as a commitment to compliance and a modest fine–would likely close the MiCA chapter without further escalation.
If the Polish investigation finds evidence of intentional misconduct or if the frozen BTC proves permanently lost, customer losses could be significant. That would likely trigger a broader loss of confidence in the exchange and potentially in other Estonian-licensed platforms.
A second risk is contagion. If the FSA uses this case to launch a wider review of crypto licenses in Estonia, other exchanges could face similar warnings or enforcement actions, causing a ripple effect across EU-facing platforms. The OKX’s aggressive EU incentives show how competitive the European market is; a regulatory crackdown in one jurisdiction could shift flows rapidly.
The next concrete marker is whether Zondacrypto publishes the TeamPL white paper and whether Polish authorities provide an update on the frozen wallet. Until then, the exchange’s customers remain in limbo, and the case serves as a reminder that MiCA’s rules now have enforcement backing–at least in Estonia.
Drafted by the AlphaScala research model and grounded in primary market data – live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.