--- title: "Which licences and registrations did BB Trade Estonia hold?" language: en canonical: https://dossiertwist.com/dossiers/bb-trade-estonia-ou/licences/ 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"] --- # Which licences and registrations did BB Trade Estonia hold? **Question.** Which licences and registrations did BB Trade Estonia OÜ and the zondacrypto brand hold, and what did regulators decide about them? **Answer.** BB Trade Estonia OÜ's main authorisation was Estonian virtual-currency service licence FVT000209, valid from 5 October 2020 until the Financial Intelligence Unit revoked it on 29 June 2026, after partially suspending it on 18 May 2026. Outside Estonia the retained official records show an Italian registration, a listing under Cyprus's pre-MiCA national regime and a conditional Bahamian registration of BB Trade Bahamas Ltd. The brand's claims of licences in Poland, Canada and Lithuania and a Florida licence announced in 2025 are not matched by retained regulator records. ## The Estonian licence, 2020 to 2023 - Analysis: According to BB Trade Estonia OÜ's annual report for 2019–2020, the company obtained two operating licences, numbered FRK001037 and FVR0011, in October 2020; after a change in Estonian legislation the two were combined into a single licence for providing virtual currency services, numbered FVT000209. The Estonian Financial Intelligence Unit (Rahapesu Andmebüroo, FIU), in the revocation decision described below, gives the licence's validity as starting on 5 October 2020. [src-006] - Analysis: The FIU lists in its register of precepts a compliance notice issued on 1 February 2023 to BB Trade Estonia OÜ as holder of licence FVT000209. The entry gives only the company, licence, area of activity and date, not the content of the precept, and several other virtual-currency providers are listed with notices dated 1 or 2 February 2023. In its annual report for 2023 the company stated that it had gone through a two-year audit covering several business areas and that in July 2023 it received the FIU's permission to continue operating under the new rules; its 2022 annual report similarly describes the end of a regulatory review with positive feedback and the grant of an operating licence under the new rules. That is the company's own account: no FIU decision of July 2023 was retained, and the FIU's register lists the precept of 1 February 2023. [src-111] [src-027] [src-028] ## Precepts, suspension and revocation - Analysis: On 16 July 2025 the FIU issued precept No. 6-2/102 to BB Trade Estonia OÜ (licence FVT000209, virtual currency services) under § 72(1)(7) and § 72³(4) of the Money Laundering and Terrorist Financing Prevention Act because the company had not submitted an auditor's report on its own funds. Other virtual-currency providers received precepts with the same cause on the same day. [src-111] - Analysis: On 18 May 2026 the FIU partially suspended operating licence FVT000209 (Zondacrypto brand): the company was prohibited from accepting any additional assets, including fiat funds and crypto-assets, from existing clients and from entering into business relationships with new clients, while the return or withdrawal of assets by existing clients was not affected. By the same decision the FIU ordered the company to bring its operations into compliance with the licence conditions within 30 days, citing among other grounds § 75(1)(4) of the Money Laundering and Terrorist Financing Prevention Act and § 43 of the General Part of the Economic Activities Code Act. The company neither responded to nor complied with that precept, and the FIU revoked the licence on 29 June 2026. [src-081] [src-030] - Analysis: The FIU revoked licence No. FVT000209 on 29 June 2026 under § 75(1)(4) of the Money Laundering and Terrorist Financing Prevention Act, stating that the company had not responded to or complied with the precept of 18 May 2026 requiring it to bring its activities into line with the licence conditions; according to the FIU the licence had been valid from 5 October 2020 until 29 June 2026. No reply, statement or appeal by the company on the suspension or the revocation is in the retained record. The FIU also stated that its supervision mainly assesses whether a company's documentation complies with the anti-money laundering law and that it has no mandate for prudential supervision, including the safekeeping and protection of clients' assets, their physical existence or liquidity. [src-030] ## The TMPL token white paper - Analysis: On 6 May 2026 Finantsinspektsioon, the Estonian Financial Supervision and Resolution Authority, issued a public warning about BB Trade Estonia OÜ: the white paper of the crypto-asset "TeamPL Token" (TMPL) offered by the company was not available on its official website, which the authority described as a violation of Article 9(1) of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), under which a white paper must remain available on the offeror's website for as long as the crypto-assets are held by the public. [src-004] - Analysis: Registry data compiled by a commercial aggregator from the interim MiCA register of the European Securities and Markets Authority (ESMA) and the Estonian supervisor's register, in a snapshot of 16 October 2026, list BB Trade Estonia OÜ as a crypto-asset offeror that notified one white paper, dated 16 February 2026 and hosted under a TMPL-token address, to the Estonian Financial Supervision Authority, with the offer notified for 27 EU member states and no crypto-asset service provider named. A white paper under MiCA is notified to the authority, not approved by it. The ESMA register itself was not retained; the aggregator first recorded the entry in its snapshot of 23 February 2026. [src-038] ## Registrations and claims outside Estonia - Analysis: The register of virtual-currency service providers kept by the Italian Organismo Agenti e Mediatori (OAM) lists "BB TRADE ESTONIA OU" as a legal person with Italian tax code 12490930968 and a seat at Via Fatebenefratelli 20, Milan, registered under No. PSV48 on 22 July 2022 with the status "ISCRITTO" (registered). The export shows no suspension or cancellation, but it does not state when it was generated. [src-100] - Analysis: The Cyprus Securities and Exchange Commission (CySEC) lists BB Trade Estonia OU, with its Tallinn address, in its register of crypto-asset service providers from the European Economic Area under Cyprus's national crypto-asset regime, with a registration date of 2 September 2024 and the brand as its approved trade name. The entry lists a provider from another EEA state under Cyprus's pre-MiCA national regime, relying on the company's Estonian status; it is not a Cypriot licence or a MiCA authorisation, and the register page was retained only as an archived copy of December 2025. In October 2024 a crypto-industry news report said that CySEC had licensed the Zondacrypto exchange, its "7th license", quoting a social-media post by chief executive Przemysław Kral, and that the brand had obtained an over-the-counter licence in Switzerland the previous year. The report names no legal entity; no Swiss licensing record was retained, and a January 2025 release for the brand states that its Swiss entity is not licensed or supervised by the Swiss Financial Market Supervisory Authority (FINMA). [src-085] [src-084] [src-113] - Analysis: According to the Securities Commission of The Bahamas register of digital asset businesses as at 30 November 2025, BB Trade Bahamas Ltd is registered as a digital asset exchange and digital asset business for operating a digital asset exchange, exchanging digital assets for fiat currency or other digital assets, payment services involving digital assets and executing orders. The registration is marked "Approved on Condition", with no sanctions and no registrations or licences held outside The Bahamas. [src-020] - Analysis: For Switzerland, a January 2025 press release issued for the zondacrypto brand together with Incore Bank states that BB Trade Switzerland AG is affiliated with VQF, a Swiss self-regulatory organisation for anti-money-laundering purposes, and is permitted to offer payment transaction services, and that the brand's Swiss entity is a member of the Swiss Blockchain Federation; the same release states that in Switzerland the brand is not licensed or supervised by FINMA. This is a self-statement of the brand and its banking partner, and no VQF membership record was retained; a Swiss consultancy's April 2026 publication repeats the VQF membership. [src-113] [src-087] - Analysis: In November 2025 a news report based on the company's announcement said that BB Trade Florida Inc., described as the U.S. entity of zondacrypto, had been granted a money services business licence by the Florida Office of Financial Regulation under Chapter 560 of the Florida Statutes, covering money transmission including virtual currencies, and quoted Przemysław Kral as chief executive of zondacrypto. No record from the Florida regulator's licence portal was retained, so the licence number and its later status are not established. [src-117] ## Brand claims and consumer proceedings - Analysis: Press releases issued for the zondacrypto brand claimed broad regulatory coverage. A January 2025 release said the brand's local entities held operating licences or self-regulatory memberships in Estonia, Italy, Cyprus, Canada, Switzerland, Slovakia, Poland and Lithuania, and a July 2025 release said the exchange operator had operating licences, virtual-asset service provider (VASP) registrations or self-regulatory organisation (SRO) memberships in Italy, Switzerland, Cyprus, Poland, Estonia, Slovakia and Canada. These self-statements do not say which legal entity holds which authorisation. Retained official records cover the Estonian FIU licence, the Italian OAM registration and the Cypriot national-regime listing of BB Trade Estonia OÜ; no Polish, Canadian or Lithuanian authorisation record was retained, and the January release itself states that the Swiss entity is not licensed or supervised by FINMA. [src-052] [src-113] - Analysis: According to Polish legal press quoting the Office of Competition and Consumer Protection (UOKiK), UOKiK opened proceedings concerning BB Trade Estonia OÜ in January 2025 on its rules for concluding, performing and terminating contracts, examining possible infringements and unfair contract clauses, and the proceedings were still under way. The press reported this from UOKiK's answer; no UOKiK decision was retained and the outcome is not known. [src-095] ## 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-111] Precepts (ettekirjutused) published by the Financial Intelligence Unit, Rahapesu Andmebüroo (Estonian Financial Intelligence Unit) - [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-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-081] The Estonian Financial Intelligence Unit partially suspends the validity of the operating licence of BB Trade Estonia OÜ (Zondacrypto), Rahapesu Andmebüroo (Estonian Financial Intelligence Unit), 2026-05-18 - [src-030] The Financial Intelligence Unit revokes the operating licence of virtual currency service provider BB Trade Estonia OÜ (Zondacrypto), Rahapesu Andmebüroo (Estonian Financial Intelligence Unit), 2026-06-29 - [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-038] Regulatory record source · src-038 - [src-100] Register of virtual-currency service providers (export), Organismo Agenti e Mediatori (OAM), Italy - [src-085] Regulatory record source · src-085 - [src-084] Media source · src-084 - [src-113] Company statement source · src-113 - [src-020] Register of Digital Asset Businesses, registration information as at 30 November 2025, Securities Commission of The Bahamas, 2025-11-30 - [src-087] Media source · src-087 - [src-117] Media source · src-117 - [src-052] Company statement source · src-052 - [src-095] Media source · src-095