Bitfinex plans to move to Switzerland

Bitfinex plans to move to Switzerland

Bitfinex, which is now based in the British virgin Islands and is the fifth-largest cryptocurrency exchange in the world, intends to transfer the business in Zug, Switzerland.

Jean Louis van der Velde, CEO of Bitfinex, confirmed the plans of exchange of the Swiss business newspaper Handelszeitung. It reported that the Bitfinex met several times with the State Secretariat for international Finance SIF, and Federal councillor Johann Schneider-Ammann, who heads the economic Department Switzerland.

We are looking for a new domicile for Bitfinex and the parent company iFinex, as it would consolidate operations that are now physically and legally located in different places.

Bitfinex will be registered as a public company with limited liability and therefore will be separated from the parent company iFinex. The current management team, headed by Dutchman van der Velde, plans to move to Switzerland. In future, Switzerland will act as legal and Finance departments and technical Department.

Although the exchange’s management is also considering London as a possible alternative, Switzerland “is in first place in the list of jurisdictions”, said van der Velde in Handelszeitung, however, he clarified that the exchange is ready to work with the regulatory authorities:

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

Recall that in Zug already working such cryptocurrency startups like Xapo, ShapeShift, Monetas and Etherisc.

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