The Fifth Largest Crypto-Exchange Bitfinex Plans Relocating to Switzerland

The Fifth Largest Crypto-Exchange Bitfinex Plans Relocating to Switzerland

It is pretty common for cyber money trading venues to change the domicile when particular countries offer them more extensive opportunities for organizing the trade of digital assets. Switzerland for long has been cheered by crypto-oriented media for friendliness towards cryptocurrencies.

And now, the fifth most significant crypto bourse in the world (regarding trading scope, for sure) – Bitfinex – announced it is going to relocate to Switzerland.

New Place, New Perspectives

The information about Bitfinex intentions to redeploy its business to the town of Zug has been affirmed by the company’s CEO Jean Louis van der Velde, giving comments to the local business media outlet Handelszeitung.

Bitfinex has been headquartered on the British Virgin Islands. But according to this week's newspaper’s report, the management of the company several times took part in meetings with the State Secretariat for International Finance SIF as well as the Federal Councilor – Johann Schneider-Ammann. Schneider-Ammann, by the way, chairs the Swiss economic division.

Velde der Blatt, in his turn, said the company intends to get relocated so that it will amalgamate actions which before that have been carried out from different places. Moreover, Bitfinex’s CEO said that it is not only exchange that is going to move to Switzerland, but also the parent firm iFinex.

According to Cointelegraph, relocation experts believe that Bitfinex will be incorporated as a public limited company during the transfer process between the British Virgin Islands and Zug. And, apparently, one of the largest crypto-bourses in the world is going, hence, to become more independent from iFinex.

It is expected that the management crew relocated to Zug as well. In general, three top Bitfinex’s departments will be potentially working from that location. Among them, there will be such divisions:

  • legal
  • financial
  • technical

As per the report, Switzerland is not the only option for the venue. The company is also considering alternatives at the moment, for example, London, the UK. However, Sug remains on top of the list for potential destinations for relocation.