Bitfinex, the fifth largest cryptography platform in the world in terms of transaction volume, intends to move its business to Zug, Switzerland, Cointelegraph reported on Tuesday, March 27.
Jean Louis van der Velde, CEO of Bitfinex, confirmed the change plans to the Swiss financial newspaper Handelszeitung on Tuesday. According to reports, the Bitfinex management has met several times with the Secretary of State for International Finance SIF and also with the Federal Councilor Johann Schneider-Ammann, who heads the Economic Department of Switzerland.
"We are looking for a new address for Bitfinex and the parent company iFinex, where we want to merge previously distributed operations in several locations," said van der Velde der Blatt.
Experts in liquidation in Switzerland, who are familiar with the matter, say that Bitfinex will be incorporated as a public limited company in a move from the British Virgin Islands to Switzerland and, therefore, will be separated from the previous parent company, iFinex.
The current management team, headed by Dutchman van der Velde, plans to establish itself in Switzerland as well. Both the legal and financial departments and the technical department would operate from the aforementioned country in the future.
Although the exchange also considers London as a possible alternative, Switzerland is "at the top of the list of jurisdictions," van der Velde said at Handelszeitung, and went on to say that the Exchange is ready to work with regulators to comply with the rules:
"We want to be the most transparent exchange and meet the requirements of the Swiss regulator."
Zug has proven to be an attractive place for encryption companies other than Bitfinex. Blockchain's internationally active startups such as Xapo, ShapeShift, Monetas and Etherisc are based on Zug, as well as the foundation and management of Ethereum.
Source: CoinTelegraph