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Bitfinex to shift to the Alps – Plans move to Switzerland




Bitfinex to shift to the Alps - Plans move to Switzerland
Source: Flickr

According to a German-based Swiss weekly newspaper, Handelszeitung, one of the world’s largest crypto exchange platforms in the world, Bitfinex will be shifting to Switzerland.

Handelszeitung quoted:

“Bitfinex, one of the world’s largest crypto exchanges, wants to settle in Switzerland and regulate itself here.”

The CEO of Bitfinex, Jean Louis van der Velde says:

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

Bitfinex is a well known Bitcoin and Ether exchange platform. It is the world’s fifth largest cryptocurrency exchange in terms of trade volume and is currently operating from the British Virgin Islands. It was established in the year 2014 and is the largest Bitcoin exchange platform. It accounts for more than 10% of the exchanges’ dealings.

According to Handelszeitung, Bitfinex has already met with the State Secretariat for International Financial Affairs [SIF] and the head of the Department of Economic Affairs. Since then, the lawyers and location promoters have been constantly working towards the shift.

Speaking about the meeting, Van der Velde says:

“The talks with the State Secretariat for International Financial Affairs and with Federal Councilor Johann Schneider-Ammann were very constructive.”

Settlement experts say that Bitfinex can relocate to the Alpines while replacing the former iFenex in the Caribbean as the parent company. All operating departments including the finance, technical support, and stock exchange platform will be shifted to Switzerland. With transparency and legal security in mind, Switzerland provides Bitfinex and viable opportunity.

The exchange is also reviewing London has a viable option, although, Van der Velde told Handelszeitung that ‘Switzerland is on top of the list of jurisdictions’.

Van der Velde says:

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

Apart from the pros that the shift ensures Bitfinex, the proximity to the ETH speak and the growing environment around the Crypto Valley adds to the benefits.

Ruedi Noser, FDP Council of States says:

“It would be sensational if an actor of this size and importance should decide for Switzerland”

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Satish Kumar is a contributing reporter for AMBCrypto. He is currently pursuing BBA from Ranchi University. Over the past couple of months, he has prepared marketing campaigns, technical news articles and wrote content for some exciting blockchain-backed projects.