BitBay is a centralized cryptocurrency exchange, founded in 2014 in Katowice, Poland. The company that runs and owns the exchange is called Pinewood Holdings Limited and is registered in Valletta, Malta. Prior to establishing the exchange, the founder and CEO, Sylwester Suszek had co-created two other finance-related businesses – Lemon Finance and Multimoney. At BitBay, he has managed to create a young team of professionals, most of which are available on LinkedIn.
A year after the initial launch of the exchange, in 2015, the team launched a new version of the platform with the main idea to equip it with advanced trading features, as well as to make it more user-friendly. With the platform upgrade also came the opening of a new office in Amsterdam and a team expansion as BitBay increased its employees from 14 to 31. In 2017, the team expanded to 70 people and launched BitBay 3.0. As a part of its global expansion program, in 2019, BitBay founded a third office in New Delhi, India.
On its website, the exchange lists several awards it had won through the years, such as The “Best Cryptocurrency Exchange 2017” from the Cryptocurrency World Expo, “The Best Cryptocurrency Exchange” from the Berlin Summit 2018, “Blockchain Exchange of the Year” from the Invest Cuffs 2019. It also shares information about other activities such as organizing and backing charity events and promoting blockchain education. It even has a separate page, dedicated to crowdfunding campaigns for charity initiatives such as raising money for children from local orphanages, homeless animals, Christmas Orchestra and others.
At the time of this writing, the information on BitBay’s website states that the exchange is the third biggest in Europe with nearly 1 million clients. BitBay supports individual and corporate accounts.
When it comes to security, the exchange’s team states that BitBay operates under the rules of “financial, operational and legal safety, as well as AML and KYC regulations.” It also adds that all transactions are processed via encrypted HTTPS connections with the use of safe TLS protocols and additional encryption algorithms. The exchange states that 100% of the cryptocurrency funds are stored in cold wallets, while fiat funds are backed by the bank. The “Safety” page on their website explains in details all employed safety features, as well as advises the exchange’s clients on ways to further secure their accounts.
Aside from the BitBay exchange, the BitBay Group’s portfolio of products and services is contemplated by BitBay Pay (a platform that allows users to accept Bitcoin in online and physical stores), BitCantor (a more simplified version of the BitBay exchange), and BitBay Cash (a solution that enables conversion of fiat into cryptocurrencies vie the purchase of a voucher at a brick-and-mortar location, and redeeming it online later). For the more advanced cryptocurrency traders, BitBay offers the “BitBay PRO” version of its platform. The PRO-mode grants access to professional tools and indicators for cryptocurrency market analysis.
One of the reasons why BitBay’s online reputation is positive is the professional customer support. All user issues, raised on forums like Bitcointalk and Reddit are addressed on time. Aside from that, the exchange provides several options to get in touch with the team – from the address of its offices, through a live helpline available every day from 10 am to 6 pm local time, to email, ticket system, and social media channels.
At the time of this writing, BitBay does not have any history of security breaches, hacker attacks, or government investigations.