Estonia’s financial regulator just put Zondacrypto on notice, and the timing could not be worse for an exchange already dealing with a law enforcement investigation in Poland and mounting customer complaints about locked funds.

The Financial Supervision and Resolution Authority (FSA) issued a formal investor warning against BB Trade Estonia OÜ, the Estonian-licensed entity that operates the Zondacrypto digital asset exchange. The violation: listing a crypto token called “TeamPL” without publishing the required white paper on its website, a direct breach of the EU’s Markets in Crypto-Assets (MiCA) framework.

What MiCA requires and where Zondacrypto fell short

MiCA mandates that any token listed on a trading…