Bitfinex is one of the most known cryptocurrency exchanges on earth. At the moment it is the second cryptocurrency exchange by trading volume handling $1.45 billion dollars. Apparently, the crypto-exchange is thinking about settling its operations in Switzerland, more specifically, in Zug.
Bitfinex Moves to Zug, Switzerland
At the moment Bitfinex is located in Hong-Kong, but the company planning to relocate its resources to Switzerland’s crypto-valley. The information has been confirmed by Jean-Louis van der Velde, CEO at Bifinex.
Mr van der Velde explained:
“We are looking for a new home for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations.”
Among the cities where Bitfinex and iFinex could settle we find Zug and London. At the moment, and according to Jean-Louis van der Velde, the main destination remains Switzerland.
The company is trying to move the core businesses of the company to Zug, including the legal, finance, and customer services. Additionally, van der Velde and other important managers of Bitfinex would also move to Zug.
iFinex has also created Tether (USDT), a cryptocurrency that is pegged to the U.S. dollar. But some specialists started to ask whether the company has real dollars backing the token or not. At the same time, the US Commodity Futures Trading Commission (CFTC) subpoenaed Bitfinex and Tether.
The company has decided to chose this city because it offers several benefits to blockchain and cryptocurrency enterprises that decide to operate there. There are important tax discounts, accessible energy prices, and special treatment.
Bitfinex is trying to analyse the new place where it is going to settle by carefully analyse all the legal requirements and conditions. Mr van der Velde said that they “want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator.”
Some time ago, Swiss authorities explained that they were concerned about the implications of creating a cryptocurrency-friendly zone in Zug. The main concern is that some fraudulent companies could harm the prestige of the region as a financial hub.