--- title: "From BitBay to zondacrypto: which company ran the exchange?" language: en canonical: https://dossiertwist.com/dossiers/bb-trade-estonia-ou/brand-history/ as_of: 2026-10-19 keywords: ["BB Trade Estonia OÜ","Pinewood Estonia OÜ","zondacrypto","Zonda Global","BitBay","Divisio Holding AG","Przemysław Kral","Sylwester Suszek","BB Trade Switzerland AG","Orion Software","AdmiTrade OÜ","virtual currency licence FVT000209","Estonian Financial Intelligence Unit","Harju County Court bankruptcy","Prokuratura Krajowa","TryPay","AMINA Bank","client funds","crypto-asset custody","MiCA"] --- # From BitBay to zondacrypto: which company ran the exchange? **Question.** Which legal entities operated the exchange marketed as BitBay, Zonda and zondacrypto? **Answer.** In every annual report from 2020 BB Trade Estonia OÜ describes itself as the operator of the exchange, first as BitBay.net, then Zonda and from 2022 zondacrypto, and its terms of service, Estonian regulators and Polish prosecutors name it as operator. Other companies, notably BB Trade Switzerland AG, used the same brand, and claimants' counsel traces the exchange back to BitBay sp. z o.o. in Katowice and Pinewood Holdings Limited in Malta. ## The operator in its own filings and terms - Analysis: BB Trade Estonia OÜ's own annual reports follow the exchange through three names. The first report, for 30 September 2019 to 31 December 2020, describes the company as operator of the BitBay.net web platform, a fiat-to-crypto exchange on which buyers and sellers of crypto-currencies place orders. The 2021 report gives its main activity as running the Zonda trading platform, rebranded Zonda Global in November 2021. The reports for 2022, 2023 and 2024 describe it as operator of the zondacrypto online exchange at zondacrypto.com, formerly BitBay.net and zondaglobal.com, holding virtual-currency licence FVT000209 under the Estonian Financial Intelligence Unit (Rahapesu Andmebüroo). [src-006] [src-003] [src-028] [src-027] [src-013] - Analysis: The exchange's terms of service in force from 3 October 2025 name BB Trade Estonia OÜ, with its Tallinn address, registry code 14814864 and licence FVT000209, as provider of the services and operator of the zondacrypto exchange at zondacrypto.com and its subdomains. Section 11 of the same terms allows the provider to be replaced by another entity related to zondacrypto, the previous provider then leaving the agreement with the user, on conditions that may not become less favourable to users. The ZND platform's website, archived in January 2026, likewise named BB Trade Estonia OÜ as offeror of the ZND Token and operator of the exchange. [src-039] [src-114] - Analysis: Authorities identify the company in the same way. Finantsinspektsioon, the Estonian Financial Supervision and Resolution Authority, listed zondacrypto.com as the company's webpage in its warning of 6 May 2026, and a release of Poland's National Prosecutor's Office (Prokuratura Krajowa) of 28 August 2026 refers to the ZondaCrypto exchange "and its operator, BB Trade Estonia OU". Swiss specialist press in May 2026 also described BB Trade Estonia OÜ as the operating company behind Zondacrypto. [src-004] [src-094] [src-096] ## One brand, several companies - Analysis: The brand's own documents separate the trademark from the companies that use it. A press release issued for the brand with Incore Bank in January 2025 states that "zondacrypto" identifies the services of various group entities, does not in itself refer to any single legal entity and implies no single corporate identity, ownership structure or legal responsibility; it calls the Estonian entity the exchange licensed in Estonia and BB Trade Switzerland AG the brand's Swiss entity. The zondacrypto.com contact page of December 2025 names BB Trade Estonia OÜ as the contracting party for users in the European Economic Area other than Italy, and BB Trade IT in Milan, registered under PSV48 with an Italian VAT number, for Italian users and users outside the European Economic Area. [src-113] [src-086] - Analysis: For Swiss clients the roles were divided by contract. Under the zondacrypto Swiss terms in force from 30 June 2025 each client entered a tripartite agreement with BB Trade Switzerland AG and BB Trade Estonia OÜ: the Swiss company processed the order and was responsible for the fiat part, accepting the client's money and transferring it on the client's behalf to BB Trade Estonia OÜ to close the transaction, or returning it, after holding it for no longer than 30 days without interest or investment; BB Trade Estonia OÜ executed the digital-asset part, including delivering purchased assets and accepting crypto-assets for exchange into fiat. The contact page added that on the Swiss platform funds went directly to the client's wallet or bank account. [src-107] [src-086] - Analysis: A press release of 2 July 2025 presented zondacrypto Swiss as a regulated crypto on- and off-ramp operated by BB Trade Switzerland and part of a "zondacrypto Group", which it said also operated the zondacrypto exchange, the zondacrypto pay crypto-fiat payment gateway and the ZND platform. [src-052] ## BitBay sp. z o.o. and Pinewood Holdings - Analysis: A law firm acting for claimants in the bankruptcy reconstructs an earlier chain. In its account the exchange was run by BitBay sp. z o.o. in Katowice, by Pinewood Holdings Limited in Malta from May 2018, by Pinewood Estonia OÜ, the subject's former name, from 1 November 2019, and from 2021 by BB Trade Estonia OÜ under the Zonda brand, renamed zondacrypto in 2023. It quotes BitBay's 2019 management report as saying that from November 2019 the Polish company "has subsisted on fees for the licensing of the operation of the cryptocurrency exchange 'BitBay'" to BB Trade Estonia OÜ, and says operations moved that month from Pinewood Holdings. The management report is not in the retained record, and no record shows a legal succession between these companies; BB Trade Estonia's own reports describe it as operator of BitBay.net in 2019–2020, of Zonda in 2021 and of zondacrypto from 2022. [src-008] [src-088] - Analysis: Polish National Court Register (KRS) data reproduced by an aggregator show BitBay sp. z o.o. (KRS 0000373405) registered in Warsaw on 16 December 2010, based in Katowice from 14 March 2014 and with share capital of PLN 105,000 from 26 July 2018. Sylwester Jan Suszek was its commercial proxy (prokurent) from 28 May 2014 and its chief executive from 21 September 2017 until the company was struck off on 17 February 2026. From 26 July 2018 its shareholders were three Dubai companies, Arial Investment, Central Bay Investment and Skybay Investment in Commercial Enterprises; changes in Arial's holding were published in November 2018 and May 2020, and the three ceased to be shareholders at the striking-off. [src-023] [src-015] - Analysis: The claimants' law firm says it obtained Dubai Department of Economy register printouts showing Suszek as partner (49%) and manager of Skybay, while Arial had a different individual as partner and manager and moved to Skybay's office on 9 May 2018; a local sponsor held the other 51% of each. Citing BitBay's accounts, the firm puts Skybay's stake at 47% in December 2017 and 44.8% (940 of 2,100 shares) in 2019, Arial's at 38.5% and 41.4%, and Central Bay's at 13.8%, and says BitBay's largest shareholder has had no active manager since Suszek disappeared in March 2022. The firm calls the earlier press thesis that all three Dubai companies were Suszek's a simplification and holds no documents on Central Bay; the printouts, accounts and court files it cites are not in the retained record. [src-074] - Analysis: The public-warning list of the Polish Financial Supervision Authority (KNF) includes BitBay sp. z o.o., entered on a notification of suspected crime made by the KNF Office under Article 150(1) of the Act on payment services, with the Regional Prosecutor's Office in Katowice as competent prosecutor. The Provincial Prosecutor's Office in Katowice discontinued that investigation on 15 June 2022, and the decision became final and binding on 12 May 2023. [src-077] - Analysis: Malta Business Registry data reproduced by commercial aggregators show Pinewood Holdings Limited (C 86244) incorporated on 10 May 2018 with 1,200 issued shares (EUR 1,200) at an address in Mosta; a snapshot updated in February 2025 lists Paweł Sobków and Sylwester Suszek as directors and Luxbay S.A. as shareholder. Reading the Maltese registry file, the claimants' firm states that Sobków was the first and sole shareholder and first director, that the capital was paid on 7 May 2018 by a transfer from a Polish payment institution, that Sobków resigned on 22 June 2021 leaving Suszek as sole director, that the company never filed financial statements and that its corporate-service provider ended its services on 26 June 2022; the registry documents themselves are not in the retained record. [src-058] [src-021] [src-088] - Analysis: The same firm states that Pinewood Holdings never applied to the Malta Financial Services Authority for a virtual financial assets licence and appears on none of the regulator's lists of applicants, and concludes that the brand's Maltese entity held no Maltese licence; the regulator's lists are not in the retained record. The firm recalls that in 2018 Suszek publicly announced BitBay's relocation to Malta, citing friendly regulation and a forward-looking licensing framework, and called the KNF's public warning on BitBay an act of repression rather than consumer protection. No reply by Pinewood, Suszek or BB Trade Estonia to the registry findings is in the retained record. [src-088] ## Companies of the earlier owners - Analysis: Two other companies link the earlier owners. Creative Invest Int OÜ, registered in Tallinn on 19 February 2018 with Suszek as sole shareholder and management board member, has as its registered address Lõõtsa tn 5, which BB Trade Estonia OÜ used until April 2020, and the contact e-mail address given in BB Trade Estonia's 2019–2020 annual report; the register shows unpaid fines imposed by the registration department of Tartu County Court and no annual report filed for 2018 to 2025. [src-056] [src-006] - Analysis: ICO HOUSE S.A. in Warsaw, registered on 6 July 2018 with PLN 100,000 of share capital, has had Paweł Sobków as sole shareholder and beneficial owner since that day, and its supervisory board appointed the same day consisted of Sobków, Sylwester Suszek and Wojciech Sroka. The KRS data do not show the company's business or any dealings with BitBay sp. z o.o. or BB Trade Estonia OÜ. [src-101] ## Sources - [src-006] Annual report of BB Trade Estonia OÜ for 30 September 2019 to 31 December 2020, filed with the Estonian Commercial Register, Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2021-09-24 - [src-003] Annual report of BB Trade Estonia OÜ for 2021, filed with the Estonian Commercial Register, Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2022-11-30 - [src-028] Consolidated annual report of BB Trade Estonia OÜ for 2022, filed with the Estonian Commercial Register, Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2024-01-12 - [src-027] Consolidated annual report of BB Trade Estonia OÜ for 2023, filed with the Estonian Commercial Register, Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2024-06-30 - [src-013] Consolidated annual report of BB Trade Estonia OÜ for 2024, filed with the Estonian Commercial Register, Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2025-07-29 - [src-039] Company statement source · src-039 - [src-114] Company statement source · src-114 - [src-004] Warning notice (hoiatusteade) of 6 May 2026 concerning BB Trade Estonia OÜ, Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), 2026-05-06 - [src-094] Zarzuty dla Radosława P. w śledztwie dotyczącym ZondaCrypto (charges against Radosław P.), Prokuratura Krajowa (Polish National Prosecutor's Office), 2026-08-28 - [src-096] Media source · src-096 - [src-113] Company statement source · src-113 - [src-086] Company statement source · src-086 - [src-107] Company statement source · src-107 - [src-052] Company statement source · src-052 - [src-008] Other source · src-008 - [src-088] Other source · src-088 - [src-023] Corporate registry source · src-023 - [src-015] Corporate registry source · src-015 - [src-074] Other source · src-074 - [src-077] List of public warnings: BitBay Sp. z o.o., Komisja Nadzoru Finansowego (Polish Financial Supervision Authority) - [src-058] Corporate registry source · src-058 - [src-021] Corporate registry source · src-021 - [src-056] e-Business Register company card: Creative Invest Int OÜ (registry code 14432051), Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2026-10-19 - [src-101] Corporate registry source · src-101