Poland’s lower house failed again to override President Karol Nawrocki’s veto of crypto legislation, leaving the country without a designated domestic authority to supervise the market under the European Union’s Markets in Crypto-Assets Regulation, or MiCA. The Sejm voted 241-198, with three abstentions, missing the required 266 votes by 25. Nawrocki has said he supports crypto regulation but objects to what he sees as overly broad provisions, including compliance costs and powers to block websites. The political standoff is unfolding alongside a widening investigation into defunct crypto exchange Zondacrypto. Prime Minister Donald Tusk cited testimony from a key witness alleging a 2 million Polish zloty payment arrangement involving a foundation linked to former Justice Minister Zbigniew Ziobro, as well as a separate claim that an unnamed person promised to secure a presidential pardon. Prosecutors are investigating suspected fraud and money laundering tied to the case, which was merged in July with a probe into the 2022 disappearance of BitBay founder Sylwester Suszek. Prosecutors said in April that losses linked to Zondacrypto were estimated at no less than 350 million Polish zlotys, while the exchange’s Estonian operator, BB Trade Estonia, was declared bankrupt in August.

Poland's Sejm failed to override President Karol Nawrocki's veto of a cryptocurrency market regulation bill, falling 25 votes short of the required 266. This marks the third time Nawrocki has rejected the bill. The president argued the bill would overregulate and push Polish firms abroad. Prime Minister Donald Tusk had urged support, citing an investigation into the collapsed Zondacrypto exchange.

On September 4, Poland's lower house failed to override President Nawrocki's veto of a crypto regulation bill. The vote was 241-198, short of the 266 needed. The bill, which would designate KNF as the regulator, has been vetoed three times. President Nawrocki cited over-regulation concerns, while PM Tusk invoked the Zondacrypto collapse to urge support.

A BlockTempo market analysis says users can do far more due diligence on crypto exchanges before opening an account than many assume. The report argues that recent exchange liquidations have made pre-trade risk checks more urgent, pointing to BitMart’s late-July announcement of an “orderly liquidation” as a fresh reminder. BitMart halted new registrations, deposits and new orders immediately, is set to end all trading services on Aug. 26, and plans to shut down fully on Jan. 31, 2027. Yet on-chain data showed severe withdrawal congestion, including an eight-hour stretch in which no withdrawal requests were processed, while some users said funds were stuck. Using derivatives exchange Toobit as an example, the article lays out four common and free-to-check indicators: proof of reserves, third-party security ratings and infrastructure, regulatory registrations, and liquidity plus market depth. It cites a May 2026 Hacken proof-of-reserves audit showing Toobit at 106% reserves for BTC, ETH and USDT, and 102% for USDC. The report also says Toobit received a AAA rating from CER.live in May 2026, holds ISO 27001 certification, runs a $40 million Shield Fund, and uses cold storage, multi-signature controls and Fireblocks MPC custody. On the compliance side, the exchange is described as holding a VASP license from Poland’s KNF, MSB registrations in the U.S. and Canada, and DCE registration with Australia’s AUSTRAC. CoinGecko data cited in the piece puts Toobit’s 24-hour futures volume at about $17.5 billion across more than 750 trading pairs.

This article decodes the EU's MiCA regulation, detailing CASP licensing requirements, the July 1, 2026 deadline, and three key cases: KuCoin's ban in Austria, Lithuania's first CASP approvals, and Poland's legislative deadlock affecting over 1,300 VASPs.

Analysts warn that MiCA and stricter Polish rules could force up to 90% of local crypto exchanges to close by the end of 2025, accelerating market consolidation in favor of large international platforms.

Polish exchange Zondacrypto faces a severe crisis: CEO Przemysław Kral admits losing private keys to 4,500 BTC ($330M) reserves, while PM Donald Tusk accuses the exchange of sponsoring politicians to block crypto regulation. Withdrawal delays persist, and hot wallet balances have dropped 99% since mid-2024.

Polish exchange Zondacrypto faces accusations from PM Tusk of sponsoring lawmakers to block crypto regulations; CEO reveals 4,500 BTC wallet inaccessible due to missing private key after founder vanished; hot wallet balances down 99% since mid-2024.