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The lack of governmental oversight for cryptocurrency exchanges poses risks for investors, stated Krzysztof Gawkowski, Deputy Prime Minister and Minister of Digitalization of Poland. He specifically highlighted the circumstances surrounding the country’s largest crypto platform, Zondacrypto.
Gawkowski criticized the decision made by Polish President Karol Nawrocki, who vetoed the bill aimed at regulating the cryptocurrency market. The legislation proposed transferring supervisory responsibilities to the Polish Financial Supervision Authority (KNF), which would have been able to oversee the operations of crypto exchanges and limit investment solicitation through the sale of crypto assets.
“The president has vetoed the safety of the crypto market. Zondacrypto, like other exchanges, should be under supervision. Without this, it is impossible to ensure the protection of citizens’ assets,” Gawkowski remarked.
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His concerns arose following media reports about a drastic reduction in the public Bitcoin reserves on Zondacrypto by nearly 99.7%. According to the company Recoveris, the average amount of funds in the exchange’s hot wallet fell from 55.7 BTC in August 2024 to 0.18 BTC in March and 0.086 BTC by April 1, 2026. Users have also reported delays in withdrawing funds.
Zondacrypto’s CEO Przemyslaw Kral refuted allegations regarding liquidity issues. He stated that the analysis only considered hot wallets, while the majority of assets are stored in cold wallets. He claimed that as of April 1, the exchange controlled over 4500 BTC, distributed across more than 3.2 million addresses.
The company confirmed that recently, the processing of withdrawal requests may have been slower due to enhanced security procedures, including manual verification. Zondacrypto pledged to normalize the processing times for requests within 10 days.
Last year, the head of the National Bank of Poland, Adam Glapiński, indicated that the regulator does not intend to include Bitcoin in the country’s currency reserves, the majority of which consist of gold, US dollars, and euros.
