As reported by Swiss business newspaper Handelszeitung on Tuesday, world’s fifth largest cryptocurrency trading platform, Bitfinex exchange is relocating its business to Zug, Switzerland, from the British Virgin Islands.
Bitfinex CEO, Jean Louis van der Velde, in a statement to the Swiss business newspaper Handelszeitung on Tuesday, confirmed the exchange’s plans. The company’s board has reportedly met many times with the State Secretariat for International Finance (SIF) and also with the head of the Economic Department of Switzerland, Federal Councilor Johann Schneider-Ammann.
He further reiterated that the board is looking for a new domicile for Bitfinex and its parent company iFinex, where the company’s operations previously spread over several locations will be merged.
Switzerland settlement experts familiar with the matter, claim that Bitfinex will be incorporated as a public limited corporation on the move from the British Virgin Islands to Switzerland and will, therefore, be able to operate independently of the previous parent company, iFinex.
The current van der Velde-led management team intends to settle in Switzerland as well. The technical and financial departments, as well as the legal department, would then operate from Switzerland in future.
Though Bitfinex is also viewing London as a possible option, Switzerland is “on top of the list of jurisdictions,” according to van der Velde when talking to the Handelszeitung. He proceeded by saying that the exchange is ready to work with regulators to comply:
“We want to be the most understandable of all exchanges and meet the Swiss regulator’s requirements.”
Zug has turned out to be an attractive location for cryptocurrency companies apart from Bitfinex. Internationally active Blockchain startups like Etherisc, ShapeShiftXapo, and Monetas as well as Ethereum’s foundation and management are based in Zug.