Bitfinex Weighs Moves to Switzerland Because of Major Cryptocurrency Exchange

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One of the largest cryptocurrency exchanges, Bitfinex, is currently planning to move to a new base in Switzerland.

Hong Kong-based Bitfinex is as of now in talks with Swiss authorities over a move to Europe reported by German-language Swiss newsweekly Handelszeitung. Thre report also included Switzerland is at the highest priority on the rundown of potential destinations while London is likewise being considered as an option.

The publication specifically refers to Bitfinex CEO Jean-Louis van der Velde in uncovering the potential move, with ‘several meetings’ between Bitfinex authorities and Switzerland’s State Secretariat for International Financial Affairs (SIF) as of now taken place. Bitinfex has likewise been in contact with Johann Schneider-Ammann, leader of Switzerland’s Federal Department of Economic Affairs, Education and Research. Speaking at a conference prior this year, Schneider-Ammann has already approached Switzerland to encourage its industry-friendly regulatory atmosphere to wind up as the world’s ‘crypto nation’.

The Bitfinex chief indicated “very constructive talks” with Swiss authorities, adding:

“We are looking for a new permanent home for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations.”

The world’s fifth biggest crypto exchange with about a half a billion in trading over the previous day, a fruitful move by Bitfinex could build up its parent organization iFinex Switzerland as another AG (Aktiengesellschaft), or German for a public limited company that sees its shares traded on a public stock exchange. iFinex is as of now situated in the British Virgin Islands.

Moreover, the substantial move from Asia to Europe would likewise reportedly see iFinex’s legitimate and finance departments operate from Switzerland, close by Bitfinex’s improvement and client service bases that would likewise move to Switzerland.

Bitfinex has seen a lot of negative feedback for its association with Tether, an iFinex subsidiary that issues tether (USDT), a dollar-pegged token that as often as possible trades on various worldwide exchanges including Bitfinex. Tether’s connection with an evaluator – entrusted to audit the company’s balance sheets and almost 2.3 billion USDT tokens available for use – broke down in January this year, bringing up the crucial question of whether the token is sponsored by real fiat US dollars.

Both Bitfinex and Tether have likewise gotten subpoenas from the US Commodity Futures Trading Commission (CFTC), scrutiny which now observes Bitfinex hoping to comply with every single regulatory requirement in Switzerland.

Bitfinex CEO van der Velde included:

“We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator.”

Bitfinex is currently the second major Hong Kong-based cryptocurrency exchange known to hope to leave the jurisdiction in the space of a week. As reported beforehand, Binance, the world’s biggest cryptographic exchange, reported its invasion into setting up a base in the European nation of Malta which is experiencing its own endeavor to become the world’s “blockchain island”.

 

Reference Link:

https://www.ccn.com/major-cryptocurrency-exchange-bitfinex-weighs-move-to-switzerland/