Blockchain News

Massive crypto exchange Bitfinex looks to move to Europe

The CEO of Bitfinex, the world’s fifth largest cryptocurrency exchange from the British Virgin Islands, announced his intention to transfer the business to Zug, Switzerland.

Switzerland is already famed for its chocolates, cheeses and mountains but the country’s reputation might extend its range to include its appeal to crypto-exchanges soon.

Bitfinex, the fifth largest leading cryptocurrency exchange from the British Virgin Islands, plans to transfer its business location to Zug, Switzerland.

The report was confirmed by Swiss financial magazine, Handelszeitung, that the CEO of Bitfinex is “looking for a new domicile for Bitfinex and the parent company iFinex, where [they] want to merge the operations previously spread over several locations.”

It’s alleged that the company’s head, Jean Louis van der Velde and the Bitfinex leadership team have met with the State Secretariat for International Finance (SIF) as well as with the head of the Economic Department of Switzerland, Johann Schneider-Ammann.

This project is highly popular in techno-centric communities, and both Ruedi Noser, a businessman and council member of the Free Democratic Party, and Senior Vice President Governing council member of the Canton of Zug, Heinz Tännler are on board, saying respectively that it would be “sensational if an actor of this size and importance should decide for Switzerland” and that it “would be a great signal if, for reasons of legal certainty , the stock market Switzerland would choose the compliance and tax situation.”

According to settlement authorities in Switzerland, Bitfinex will be integrated as a public company in Switzerland, moved from the British Virgin Islands. The current management team intends to land in Switzerland and the technical, legal and financial departments subsequently would operate from Switzerland too.

While London could be option B for the project, van der Velde says that Switzerland is “on top of the list of jurisdictions.” He continued to express his willingness to keep all above board, saying that they “want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator.

If this move gets the go ahead, it could be exceptionally beneficial to both Zug as well as young cryptocompanies hoping to build up and succeed in the Swiss city.