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.

Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up WithDo you think the world is turning more crypto-crazed day by day? There’s no limit to your...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial...
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...