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” witho