With energy prices rising, switch to a cheaper plan
Compare Prices Now

Bitfinex wants to move to Switzerland

Posted: 29 March 2018 1:09 pm
shutterstock crypto world payment pen 450x250

It's not a done deal yet, but Bitfinex wants to be in Switzerland and many in Switzerland want it.

Switzerland made a conscious decision to become a new global centre for cryptocurrency, and its efforts might be bearing fruit. Bitfinex, the world's fifth largest cryptocurrency trading platform by volume, is making a move from the British Virgin Islands to the Swiss mountains.

It hasn't moved yet, but Bitfinex CEO Jean Louis van der Velde has confirmed the plans to Swiss newspaper Handelszeitung, saying Bitfinex aims to consolidate its operations after the move.

It's already met with the Swiss State Secretariat for International Financial Affairs (SIF) and Johann Schneider-Ammann, head of the Department of Economic Affairs. The plan is reportedly to spin off Bitfinex from its parent company iFinex and run the legal, financial and technical departments of Bitfinex out of Switzerland.

"The talks with the State Secretariat for International Financial Affairs and with Federal Councillor Johann Schneider-Ammann were very constructive," said van der Velde.

Sentiment in Switzerland might be positive, with the Handelszeitung quoting experts who seemed to be looking forward to the move.

"It would be sensational if an actor of this size and importance should decide for Switzerland," said a quoted Swiss entrepreneur.

But Handelszeitung also notes that while Bitfinex has made its intentions clear, the matter isn't settled yet, and regulators are under the pump to consider Bitfinex's application.

"For Bitfinex, legal certainty counts just as much as it does for customers," it notes.

Handelszeitung says Bitfinex is just one of many crypto players to make the move to Switzerland, but that it might be one of the higher priorities. It cites the "suction effect," or "halo effect" as it might be called in English, whereby the presence of a big name in one place makes the place itself more attractive to other players.

"Just as the move from Google to Zurich once made the region more attractive to other companies," the paper quoted a local councillor, "Bitfinex in Switzerland – that could have a suction effect."

Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site