Poland crypto exchange liquidity issues spark MiCA veto fight
Reports say Zondacrypto—an Estonia-licensed exchange founded in Poland—is facing liquidity issues, triggering a new political dispute over crypto oversight. Local media and the Brussels Signal portal cite user complaints about failed or delayed withdrawals. A Recoveris analysis quoted by Polish outlets claims Zondacrypto has lost over 99% of its reserves, with Bitcoin (BTC) holdings falling from 55+ BTC (Aug 2024) to 0.18 BTC (Mar 2026).
Zondacrypto CEO Przemysław Kral rejects the claims, calling the withdrawal problems “temporary technical issues” and pointing to cold-wallet reserves. He says the firm’s BTC reserve balance stood at 4,500 BTC as of April 1, and accuses outlets of panic based on incomplete data (hot-wallet focus).
The liquidity issues have become a political flashpoint in Warsaw. Poland has not yet fully transposed EU Markets in Crypto Assets (MiCA) rules into national law. A center-left bill drafted under PM Donald Tusk was vetoed twice by President Karol Nawrocki, leaving the Polish financial regulator KNF without clear power over firms operating under foreign licenses. Finance Minister Andrzej Domański and Interior Minister Marcin Kierwiński warned that thousands of investors could be harmed.
Poland is expected to hold another parliamentary vote to override the veto. Meanwhile, the National Prosecutor’s Office opened an investigation into alleged irregularities at Zondacrypto. The government says the new bill will protect investors, while opposition figures argue the exchange’s Estonia registration would have exempted it from Polish rules until summer.
Bearish
Zondacrypto 被指出现流动性问题、并伴随“提现失败/延迟”的用户体验，通常会触发交易对手风险定价与区域性资金外流。即使CEO否认并强调冷钱包储备，争议仍会在短期放大不确定性：类似事件中（如过去发生的交易所流动性收缩、暂停提现或储备争议），市场往往先交易风险折价，随后才等待监管与审计结果落地。
此外，波兰围绕MiCA立法转化与总统否决的拉扯，意味着监管框架短期内可能继续不清晰。监管延迟往往会降低合规预期，交易者可能提高对特定地区交易所/资产的风险溢价，从而对相关代币流动性与价格形成压力。
长期来看，若后续投票推进、调查结果明确并提升监管可执行性，市场风险可能逐步回落。但在“流动性问题”信息与政治博弈未解决之前，短线情绪更偏谨慎。