Bitfinex is reportedly planning to move their offices from Hong Kong over to Switzerland. In an interview, Jean Louis van der Velde, the CEO of Bitfinex explained that the move would hopefully allow them to ‘merge the operations previously spread over several locations’ with ease.
The organization, which is the fifth largest cryptocurrency exchange, has already engaged in talks with Swiss officials, including Switzerland’s State Secretariat for International Financial Affairs, to ensure that they follow legal protocols and regulations. To make the move to the country fully, Bitfinex would need to form a new public company based on their umbrella company ‘iFinex.’ This essentially means that the technical support, finance, and exchange centers will need their headquarters to be located in the same country.
The CEO noted that London was also being considered for the move but that ‘Switzerland is on top of the list of jurisdictions’.
Unfortunately, an element of Bitfinex’s move is shrouded in controversy. Jean Louis van der Velde explained that ‘We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,’ but some critics have argued that Tether, the stablecoin heavily associated with Bitfinex, may soon fall under legal complications. Furthermore, Tether and Bitfinex have also been subpoenaed by the US Commodity Futures Trading Commission (CFTC).
Bitfinex is not the only cryptocurrency exchange attempting to relocate from Hong Kong. Binance is soon to be moving its headquarters to Malta.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.