BB Trade Estonia OÜ: the company behind the zondacrypto exchange

analysisThe dossier separates the zondacrypto brand from the companies behind it: BB Trade Estonia OÜ as the licensed operator, its parent Divisio Holding AG, the Swiss, Polish, Slovak, Bahamian and other entities, and the earlier BitBay companies. It sets the company's own annual reports, including the auditors' disclaimer and qualified opinions on its crypto-assets, beside the register records, regulators' decisions, the bankruptcy and the Polish prosecutors' releases, and keeps the accounts of claimants' counsel, the press and the company attributed to their speakers with the replies and outcomes found. ^{1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40}

analysisBB Trade Estonia OÜ is a private limited company entered in the Estonian Commercial Register on 30 September 2019 as Pinewood Estonia OÜ and renamed on 13 February 2020; its register card now gives its status as bankrupt. Its annual reports describe it as the operator of the BitBay.net platform in 2019–2020, of the Zonda platform, rebranded Zonda Global in November 2021, and of the zondacrypto exchange from 2022, holding Estonian virtual-currency licence FVT000209, and the exchange's terms of service of October 2025 name it as the provider of the services. ^{1 2 3 4 5 6 7}

analysisThe brand and the company are not the same thing. A January 2025 press release issued for the brand with Incore Bank says that "zondacrypto" is a trademark identifying the services of several group entities and does not by itself refer to any single legal entity; clients of the zondacrypto Swiss platform contracted with BB Trade Switzerland AG, which handled orders and fiat money, and with BB Trade Estonia OÜ, which executed the digital-asset side. Estonia's financial supervisor, a release of Poland's National Prosecutor's Office of 28 August 2026 and Swiss specialist press all identify BB Trade Estonia OÜ as the operator of the brand's exchange. ^{8 9 10 11 12}

analysisPaweł Sobków, the first sole shareholder, transferred all shares in February 2020 to Luxbay SA of Luxembourg, through which Sylwester Jan Suszek became the ultimate beneficial owner. In July 2021, according to the annual reports, Divisio Holding AG of Zug acquired the company and Przemysław Kral became its beneficial owner. The current register card dates Divisio's 100% holding from 30 March 2022 and Kral's indirect beneficial ownership from 8 March 2022; the register's publication history lists Divisio's entry as shareholder on 14 July 2021, and the retained records do not explain the difference. ^{1 2 3 4}

analysisDivisio's own shareholders are not disclosed in its Swiss register publications. A law firm acting for claimants quotes the ZND token white paper of June 2024 as naming Kral as Divisio's sole shareholder; the white paper itself is not in the retained record. The Estonian register separately records Kral as BB Trade Estonia's beneficial owner through an indirect holding, and he has been a member of its management board since 8 November 2021. Divisio's only board member, André Marcel Terlinden, left in April 2026, after which its register summary showed no registered managers. ^{5 4 6 7}

analysisBB Trade Estonia's consolidated report for 2024 shows client assets and liabilities of EUR 722,356,044 at 31 December 2024. Of EUR 648,160,309 owed to clients in crypto-assets, EUR 565,415,120 was the liability for clients' crypto-assets and EUR 82,745,189 arose from the company's use of client funds, which its client agreement allowed. The same report shows loans receivable of EUR 93,620,229, mostly two unnamed loans of EUR 14,448,098 and EUR 75,016,307 maturing in 2025, of which EUR 58,264 thousand had been returned by 28 July 2025. A law firm acting for claimants matches the two balances to the euro with a credit line to AdmiTrade OÜ, a company of Wojciech Sroka, and says AdmiTrade returned EUR 58,264,534 in crypto-assets under a termination agreement of 28 July 2025. The annual report does not name AdmiTrade, the contracts, ledger and bank statements the firm relies on are not in the retained record, and no reply by the persons concerned is recorded. ^{1 2}

analysisAuditors repeatedly could not confirm the crypto-assets. Crowe DNW OÜ disclaimed an opinion on the 2021 statements, mainly because bitcoin worth about EUR 145.7 million was held, according to the company, in a wallet to which management had restricted access. Assertum Audit OÜ qualified its opinions on 2022, when crypto-assets were partly held by providers that issue no confirmations, and on 2023, when it could not test the group's control of EUR 172 million of crypto-assets and management proposed a notarial confirmation instead. Assertum's opinion on the 2024 consolidated statements, dated 29 July 2025, was unqualified. ^{3 4 5 1}

analysisIn early April 2026 Kral called the exchange stable, solvent and safe. When the Regional Prosecutor's Office in Katowice opened its investigation on 17 April, it summarised a statement by the exchange's owner that since 2022 the exchange had had no access to a cold wallet said to hold about 4,500 BTC and that this had been concealed from clients — a summary, not a finding, which does not say how or when access was lost; on 16 April Kral had said publicly that the keys were held by Sylwester Suszek, the founder of the predecessor exchange BitBay, who has been missing since March 2022. On 20 April 2026 the three supervisory-board members, whose departures register publications date to 15 and 17 April, said in their own statement that they had learned of the situation only from public sources, that ownership and executive management had been concentrated in one individual, whom they did not name, and that their earlier decisions had been made in good faith. The same day the payment institution TryPay S.A. terminated its payment services to the company with immediate effect. ^{1 2 3 4 5 6}

analysisThe Estonian Financial Intelligence Unit (FIU) partially suspended the company's licence on 18 May 2026 and revoked it on 29 June 2026, stating that the company had neither responded to nor complied with its precept, and no reply or appeal by the company is in the retained record; the FIU added that it has no mandate for prudential supervision of the safekeeping of clients' assets. Harju County Court, in proceedings begun on 2 July 2026, declared the company bankrupt on 26 August 2026 (only the ruling's metadata, not its text, is retained), and Margus Lentsius became trustee of the estate. Figures reported by the press and claimants' counsel around the first creditors' meeting measure different things: EUR 167,000 available to the trustee against liabilities of EUR 432 million, EUR 20–30 million of claims filed by 17 September 2026, and a projection by the trustee that total claims could exceed EUR 700 million. ^{7 8 9 10 11 12 13 14 15}

analysisThe Katowice investigation, opened on 17 April 2026 without naming any suspect or establishing an offence, concerns suspected large-value fraud against people misled about buying and storing fiat and crypto-currencies on the exchange since 2022, and money laundering, with damage put at no less than PLN 350 million. By 22 June 2026 more than 3,600 criminal complaints had been registered and a joint investigation team with Estonia had been set up. The early releases named only the ZondaCrypto brand; the National Prosecutor's Office later identified BB Trade Estonia OÜ as the exchange's operator. In July 2026 (on 19 or 30 July, depending on the official text) the case was merged into the investigation, opened in March 2022 and now led by the National Prosecutor's Office, into the unlawful deprivation of liberty of Sylwester Suszek; prosecutors say both cases examine the founding and activity of the BitBay, later ZondaCrypto, exchange. ^{1 2 3 4 5 6}

analysisSince late August 2026 prosecutors have charged several private individuals, identified by initials, with offences including misappropriating the operator's funds and causing it large-scale damage; these are charges, not findings of guilt, and the suspects did not admit them. A court remanded three of them in custody for three months on 4 September 2026, and a legal news site reported that the regional court in Katowice upheld the custody decisions; the retained releases do not record the courts' decisions on the prosecutors' detention applications for the other two. Kral's own procedural status has not been officially disclosed, and the accounts differ. In late July 2026 a Polish daily reported that he was then not a suspect and that Polish officials had met him to discuss cooperation, on which the National Prosecutor's Office declined to comment; later a prosecutor serving at the Ministry of Justice said in a radio interview that he was giving explanations as a suspect, while the justice minister said he "is not a crown witness and is not a witness". His defence counsel said on 25 August 2026 that Kral had placed "huge assets" at the prosecutors' disposal; two days later the justice minister said that more than PLN 100 million had been secured for future compensation, and it is not known whether both statements concern the same assets. ^{5 7 8 9 4 10}

analysisSeveral questions remain open in the retained record. No record shows who owned BB Trade Switzerland AG, whose shareholders appear only in its private share register and which its general meeting dissolved on 16 July 2026; claimants' counsel calls it a wholly owned subsidiary, but it is absent from the 2024 consolidation list. Nor does any record show who owns BB Trade Bahamas Ltd, which the 2024 report lists in its consolidation group while its legal entity identifier record names no parent and the Bahamian securities register names Kral as its principal. Whether the January 2025 sale of the company's AMINA Bank participation certificates closed, and where the price went, is not shown beyond claimants' counsel's reading of the ledgers. Neither the company's 2026 account of a 4,503 BTC cold wallet nor claimants' counsel's reading of the address on the public blockchain is verified; in the bankruptcy, according to that counsel citing the trustee's report, the trustee could confirm only about EUR 167,000 of cash on accounts abroad, and the chief executive maintains that there is no key to the address, which accounted for 77% of the assets in the 2024 statements. ^{1 2 3 4 5 6 7 8}