Bitfinex Planning to Move Operations to Switzerland

Mar 29, 2018 at 14:22

Bitfinex, the fifth largest crypto trading platform in the world in terms of trading volume intends to relocate its headquarters from British Virgin Islands to Zug, Switzerland.

According to Swiss newspapaer Handelszeitung, officials of the crypto trading platform has already met with the Swiss State Secretariat for International Finance SIF and also with federal councilor Johann Schneider-Ammann, who heads the Economic Department of Switzerland several times already.

“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 chief executive officer, Jean Louis van der Velde said in a statement.

The report added that if the move becomes successful, Bitfinex will be incorporated as a public limited company and will be spun off from the previous parent company, iFinex. The legal, financial and technical departments of the trading platform are expected to be involved in the relocation.

van der Velde said that Bitfinex is also considering London as a possible alternative but Switzerland is on top of the list of jurisdictions.

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

It can be noted that Zug, Switzerland is already home to other crypto companies including Blockchain startups such as Xapo, ShapeShift, Monetas and Etherisc as well as Ethereum’s foundation and management.

Earlier this month, Binance, the world’s largest cryptocurrency exchange with a $1.7 billion daily trading volume has also relocated its headquarters to Malta citing stricter crypto policies in Asia.