One of the largest cryptocurrency exchanges Bitfinex is programma to switch its current jurisdiction. Switzerland is considered the most probable variant.
Bitfinex, the fifth-largest cryptocurrency exchange by 24-hour trading volume, is said to have plans to leave its current saco ter Hong Kong and relocate its resources to Switzerland. Spil it wasgoed informed, the exchange is already leading negotiations with Swiss authorities on this punt. Nevetheless, Switzerland is not the only destination for Bitfinex to consider, among other possible locations is the United Kingdom.
Jean-Louis van der Velde, CEO at Bitfinex, has confirmed this information. He said: “We are looking for a fresh huis for Bitfinex and the parent company iFinex, where wij want to merge the operations previously spread overheen several locations.” He also confirmed the fact of considering London spil a potential fresh huis for Bitfinex, but still, Switzerland remains the company’s priority.
If everything goes successfully with this initiative, iFinex will become a fresh AG (or Aktiengesellschaft, which is German means “public limited company” that has its shares traded on a public stock exchange). This fresh entity will substitute the former iFinex that is presently located te the British Cherry Islands.
It is expected that core businesses of the company would be based ter Switzerland, including iFinex’s procesal and finance departments and Bitfinex’s development and customer service bases. Moreover, it is very possible that van der Velde together with other managers will also transfer to Switzerland to proceed working for the company.
It’s worth mentioning that iFinex is also the parent company of Tether. This subsidiary produces tether (USDT), a token pegged to the U.S. dollar. USTD is introduced on several exchanges. Bitfinex has it on its list of available currencies spil well. Nevertheless, experts express come doubts whether the entire process of USDT issuance wasgoed fair and semitransparent and whether $Two.Three billion behind USDT issued by Tether are backed by vivo fiat money, spil no outer audit has everzwijn bot conducted.
Subpoenas from the US Commodity Futures Trading Commission (CFTC) were sent to both Bitfinex and Tether. And now Bitfinex attempts to be very attentive and cautious regarding regulatory requirements te Switzerland. Van der Velde also highlighted: “We want to be the most translucent of all exchanges and meet the requirements of the Swiss regulator”.
Bitfinex is not the very first major Asia-based cryptocurrency exchange that is programma to budge to a European jurisdiction. Spil wij have already written, the world’s largest cryptocurrency exchange with a $1.7 billion daily trading volume bitfinex had taken a decision to relocate its headquarters to a fresh place.
Having received an official warning letterteken from the Japanese Financial Services Authority (FSA) with a request to obtain license for continuing its operations te the country, the company began considering potential places to establish their business and opted for Malta. Moreover, bitfinex has collective its plans for launching bitfinex Chain, a decentralized digital asset exchange, ter its fresh jurisdiction.