Poland’s crypto crackdown returns after $97M Zondacrypto allegations

Polish Prime Minister Donald Tusk is preparing another crypto-assets bill after new allegations against Zondacrypto renewed pressure on Warsaw to regulate digital asset platforms. 

The latest proposal follows earlier bills blocked by President Karol Nawrocki.

Authorities opened an investigation on April 17 into possible fraud against Zondacrypto clients and money laundering. Polish Radio reported that prosecutors are also examining possible Russian links and organized crime angles, though the case remains unresolved.

Zondacrypto denies wrongdoing

The case centers on user withdrawal complaints and alleged investor losses. CoinGeek reported that Polish authorities estimated losses at at least 350 million złoty, or about $97 million, as of May 5.

Zondacrypto CEO Przemysław Kral denied the claims and said the exchange remains financially stable. He also called the Russia-related accusation “absurd.” That denial should be treated as the company’s position while investigators review the matter.

Tusk said the government will send the bill to parliament again. Polish Radio reported that the new version would mainly add tougher penalties for people who exploit investors’ hopes, lack of knowledge, or trust.

He said: “The only change I will propose is even stricter penalties.” That statement signals a harder enforcement approach, but the full draft will decide how far the new rules go.

MiCA delay keeps Poland exposed

The political fight has left Poland behind other European Union states on MiCA implementation. Earlier coverage noted that Poland remained the only EU member without full domestic implementation after Nawrocki vetoed the previous crypto law.

Nawrocki has argued that past bills gave regulators too much power and risked hurting smaller firms. His office has said the president is not against crypto regulation but wants a different model.

Zondacrypto had already opposed Poland’s earlier bill. In September, Kral said the proposal imposed “excessive restrictions” and could push companies to friendlier markets.