#Will Bitfinex Move to Switzerland’s ‘Crypto Valley’ ? crypto valley
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The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features
Ifinex, the operator of Bitfinex and Ethfinex, is planning to briefly restrict access to the crypto trading platforms on Jan. 7 while migrating data to its new servers in Switzerland. Also in The Daily on Sunday, Indian exchange Koinex has updated its security features and Huobi’s mining subsidiary is preparing to launch a new trading platform dedicated to an altcoin.
Also read: Wallet Hacking Debate Heats Up, Bitcoin-Based Patreon Alternative Emerges
Ifinex Switches From AWS Cloud to Own Servers
Hong Kong-based cryptocurrency exchange Bitfinex and its subsidiary Ethfinex will temporarily halt trading on Monday, Jan. 7, 2019. The two platforms will be offline for three to seven hours, during which time their operator, Ifinex, will complete the migration of all data to new servers. Account holders will not be able to access their wallets and all features will be inaccessible for the duration of the upgrade.
In an announcement, Ifinex revealed it’s switching from AWS cloud services to a self-designed infrastructure. The exchanges will now be using its own dedicated servers in a data center located in the Swiss Crypto Valley. The hardware is suitable for high-volume trading and the company tweeted that the move aims to “significantly enhance platform speed, security and performance.” Ifinex further explained:
The last stage in this process necessitates taking Ifinex trading platforms offline, meaning that Bitfinex and Ethfinex account holders will be unable to trade or access their wallets during the transition.
The operator also noted that the change will bring some benefits to users. For example, the combination between selected hardware and new order submission gateways can potentially double the speed of processing. Ifinex also claims the bare-metal servers are inherently more secure as they are running dedicated custom hardware and are not reliant on a third-party cloud service.
Koinex Introduces Security Updates
India’s leading crypto exchange Koinex has unveiled new security features for its customers. The trading platform explained on Medium that the additional layers of security applied to the accounts will provide greater protection for users’ funds and add new functionalities. Koinex also promised to release more security updates in the future.
A special “Protection Mode” is now automatically activated after signing in. It prevents any withdrawals of digital assets for the first 10 minutes of each session. During that time, users can lock their account if they suspect it has been compromised. However, clients will be able to start trading immediately after they log in and the mode does not restrict P2P fiat withdrawals of the Indian rupee.
Koinex developers have also introduced an additional verification step for cryptocurrency withdrawals. Now each withdrawal request will have to be confirmed over email, which users can do by following a verification link they will receive to their registered email address.
The notification email sent to account holders after they sign in now has a “Lock My Account” link that allows them to block any transaction if they suspect fraudulent activity. The link will take users to a security page, where they’ll be able to lock their account and delete any open orders. When an account is locked, all crypto withdrawal requests that have not been confirmed by email are cancelled automatically.
Huobi Pool to Launch EOS-Dedicated Exchange
Huobi Group announced that its crypto mining subsidiary, Huobi Pool, is preparing to launch a new digital asset exchange in the first quarter of 2019. The platform will be focused on EOS and will allow users to trade the coin against a number of other cryptocurrencies. Commenting on the announcement, Huobi Pool’s chief executive officer Cao Fei stated:
As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.
In the past few months, Huobi Pool has been working closely with the EOS community. The company has taken part in the building of an EOS testchain called the Crypto Kylin Testnet, which can be used to evaluate EOS-based projects.
Singapore-based Huobi group is a major crypto company that operates the third largest cryptocurrency exchange by daily trading volume, Huobi. It has been expanding its business recently in a number of sectors and markets.
Images courtesy of Shutterstock, Koinex.
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Swiss Regulators Engage Banks to Prevent Exodus of Cryptocurrency Ventures
Switzerland’s financial market supervisor, FINMA held discussions with the country’s bankers’ association and the Swiss National Bank (SNB), on how to improve cryptocurrency ventures’ access to banks. This is in response to the exit by some crypto-enterprises that are opting to move their business to other territories.
Switzerland the Crypto-Nation
According to Reuters, Swiss regulators have been taking steps to maintain the country’s reputation as a cryptocurrency friendly jurisdiction and to prevent the departure of virtual currency projects that have traditionally had limited access to the formal financial system.
Over the years Switzerland has cultivated a reputation as one of the more cordial countries for cryptocurrency entities willing to set up shop or conduct ICOs.
In addition to having an aggregation of digital currency startups in a region recognized as Crypto Valley, the country has also expressed its support of cryptocurrencies as witnessed by the sentiments shared by the Swiss Economics Minister:
Now we have arrived at an innovative moment in the financial world. Cryptocurrencies are part of the fourth industrial revolution. We look at what possibilities can arise from it. For my part, I try to identify the opportunities, the risks and the opportunities, and decide: Is this a future business with future jobs or is it not? That’s why I support the circles that deal with it.
A few Swiss banks have already started offering Bitcoin futures and the country’s stock exchange announced plans to launch a cryptocurrency exchange.
Even large players like Bitfinex have given Switzerland a stamp of approval of sorts by considering the country as its permanent residence.
All of these factors have contributed to the crypto-nation tag that Switzerland is aspiring for. However, the real issue lies with an acceptance by the country’s bankers.
Limited Acceptance from the Financial System
Only a small number of Swiss banks have allowed cryptocurrency ventures to do business with them making it difficult for such projects to be domiciled in the country. The number of institutions that are warm to digital currency focused business is also shrinking.
At least two Swiss banks have reportedly withdrawn services to cryptocurrency projects and groups, further reducing the already limited pool of institutions that handle basic, essential services like accepting deposits. This has triggered the exodus that the country is now facing.
Some cryptocurrency entities that want to carry out ICOs have resorted to setting up bank accounts in other territories like Liechtenstein and Gibraltar where they have access to more traditional banking services and are able to easily access their funds.FIN
At the same time, the banks in Switzerland that still accept cryptocurrency deposits do so under strict conditions. These include policies to only bank with ICO companies that have KYC and AML procedures compliant with Swiss regulations.
Cryptocurrency companies are also asked to pay initial assessment fees of up to US$2,500 by the banks before securing their services. Faced with such conditions, cryptocurrency enterprises are exploring other options.
Solutions in Regulation & Dialogue
Swiss banks’ hands-off approach on cryptocurrency projects has largely been driven by concerns surrounding the lack of clarity on the rules and regulations that apply in the space.
Some of the stickier points have to do with fraud and money laundering – areas that have dogged projects like ICOs and are the major issues affecting the requirements for opening a bank account.
According to a statement from the Swiss Bankers Association (SBA):
Banks are currently hesitant to open business accounts for companies with particular touchpoints to ICOs and cryptocurrencies – due to risks such as fraud or money laundering.
Switzerland has been working on this, seeking solutions through dialogue and the crafting of regulatory frameworks that will add clarity to the situation.
The Swiss Finance Minister invited the SNB, SBA, and FINMA to a discussion on bank accounts for cryptocurrencies, after which the SBA set to work to compile a system of checks and conditions that could be followed when opening accounts for cryptocurrency firms.
These measures are major steps towards a solution for Switzerland’s problem with the flight of cryptocurrency businesses. Regulatory action regarding cryptocurrencies is often a slow process and the efforts being taken by the Swiss are notable.
It remains to be seen if they are enough to change bankers’ opinions on doing business with virtual currency outfits and more importantly, stop these cryptocurrency companies from leaving.
Do you think the Swiss authorities are doing enough to lure and retain cryptocurrency enterprises? Are regulatory frameworks enough to make a country a competitive destination for cryptocurrency investment? Let us know in the comments below.
Image courtesy of Shutterstock
The post Swiss Regulators Engage Banks to Prevent Exodus of Cryptocurrency Ventures appeared first on Bitcoinist.com.
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World’s Biggest Cryptocurrency Companies Leaving Asia Highlights Importance of Practical Regulations
A lot of things are happening behind the scene in the cryptocurrency industry. As of right now, it seems a fair few companies are relocating from Asia. Given the mixed regulatory landscape in that part of the world, such changes are not uncommon. Even so, it seems Europe is quickly becoming a prominent place for such companies.
The Asian Cryptocurrency Regulatory Landscape
Most cryptocurrency enthusiasts know all too well Asia is a mixed bag when it comes to regulation. In Japan, Bitcoin and consorts are considered legal tender. However, local exchanges face a lot of scrutiny from the FSA. That latter part is a positive development in the long run, but it may shake up some things in the short-term.
South Korea is the largest region for cryptocurrency exchanges, for the time being. At the same time, the government is still keeping a close eye on things. China is still not in favor of cryptocurrencies and maintains its anti-CNY trading for Bitcoin and altcoins. All of these developments make some companies think twice about their future plans. It seems relocating to Europe makes a lot more sense in this regard.
Whether or not dozens of companies will move to Europe, is a different matter altogether. So far, only two major firms have made this move in recent weeks. However, it seems the seed has been planted and other companies are contemplating similar moves as we speak. All of this shows Europe is simply more welcoming to cryptocurrency than most other parts of the world.
The Migration to Europe
Bitfinex has made its plan clear to move to Switzerland from Asia pretty clear. Their location of interest is Zug, also known as “Crypto Valley”. With a lenient ecosystem toward cryptocurrencies, Zug is certainly making its mark felt. The region also wants to position itself as a major hub for blockchain and Bitcoin altogether.
Binance surprised a lot of people with their recent move. More specifically, their migration to Malta is pretty interesting. The country’s Prime Minister has made it clear Malta wants to position itself as the go-to “haven” for cryptocurrency companies. This “competition” between Zug and Malta will certainly be intriguing to keep an eye on moving forward.
Perhaps the biggest shock comes in the form of what Kakao is planning. Although it remains unclear if the company will host an ICO, their launch of a blockchain platform will still go ahead as planned. Even though the company created a Japanese subsidiary for this blockchain venture, there’s a very real possibility they will set up shop outside of Asia as well. A very peculiar development well worth keeping an eye on.
The post World’s Biggest Cryptocurrency Companies Leaving Asia Highlights Importance of Practical Regulations appeared first on NewsBTC.
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World’s Biggest Cryptocurrency Companies Leaving Asia Highlights Importance of Practical Regulations
A lot of things are happening behind the scene in the cryptocurrency industry. As of right now, it seems a fair few companies are relocating from Asia. Given the mixed regulatory landscape in that part of the world, such changes are not uncommon. Even so, it seems Europe is quickly becoming a prominent place for such companies.
The Asian Cryptocurrency Regulatory Landscape
Most cryptocurrency enthusiasts know all too well Asia is a mixed bag when it comes to regulation. In Japan, Bitcoin and consorts are considered legal tender. However, local exchanges face a lot of scrutiny from the FSA. That latter part is a positive development in the long run, but it may shake up some things in the short-term.
South Korea is the largest region for cryptocurrency exchanges, for the time being. At the same time, the government is still keeping a close eye on things. China is still not in favor of cryptocurrencies and maintains its anti-CNY trading for Bitcoin and altcoins. All of these developments make some companies think twice about their future plans. It seems relocating to Europe makes a lot more sense in this regard.
Whether or not dozens of companies will move to Europe, is a different matter altogether. So far, only two major firms have made this move in recent weeks. However, it seems the seed has been planted and other companies are contemplating similar moves as we speak. All of this shows Europe is simply more welcoming to cryptocurrency than most other parts of the world.
The Migration to Europe
Bitfinex has made its plan clear to move to Switzerland from Asia pretty clear. Their location of interest is Zug, also known as “Crypto Valley”. With a lenient ecosystem toward cryptocurrencies, Zug is certainly making its mark felt. The region also wants to position itself as a major hub for blockchain and Bitcoin altogether.
Binance surprised a lot of people with their recent move. More specifically, their migration to Malta is pretty interesting. The country’s Prime Minister has made it clear Malta wants to position itself as the go-to “haven” for cryptocurrency companies. This “competition” between Zug and Malta will certainly be intriguing to keep an eye on moving forward.
Perhaps the biggest shock comes in the form of what Kakao is planning. Although it remains unclear if the company will host an ICO, their launch of a blockchain platform will still go ahead as planned. Even though the company created a Japanese subsidiary for this blockchain venture, there’s a very real possibility they will set up shop outside of Asia as well. A very peculiar development well worth keeping an eye on.
The post World’s Biggest Cryptocurrency Companies Leaving Asia Highlights Importance of Practical Regulations appeared first on NewsBTC.
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Will Bitfinex Move to Switzerland’s ‘Crypto Valley’ ? March 29, 2018 at 11:19AM
According to a swiss trading newspaper, Bitfinex plans to move from the company's current location in Hong Kong to Zug, Switzerland.
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Swiss Regulators Engage Banks to Prevent Exodus of Cryptocurrency Ventures
New Post has been published on https://cryptnus.com/2018/07/swiss-regulators-engage-banks-to-prevent-exodus-of-cryptocurrency-ventures/
Swiss Regulators Engage Banks to Prevent Exodus of Cryptocurrency Ventures
Switzerland’s financial market supervisor, FINMA held discussions with the country’s bankers’ association and the Swiss National Bank (SNB), on how to improve cryptocurrency ventures’ access to banks. This is in response to the exit by some crypto-enterprises that are opting to move their business to other territories.
Switzerland the Crypto-Nation
According to Reuters, Swiss regulators have been taking steps to maintain the country’s reputation as a cryptocurrency friendly jurisdiction and to prevent the departure of virtual currency projects that have traditionally had limited access to the formal financial system.
Over the years Switzerland has cultivated a reputation as one of the more cordial countries for cryptocurrency entities willing to set up shop or conduct ICOs.
In addition to having an aggregation of digital currency startups in a region recognized as Crypto Valley, the country has also expressed its support of cryptocurrencies as witnessed by the sentiments shared by the Swiss Economics Minister:
Now we have arrived at an innovative moment in the financial world. Cryptocurrencies are part of the fourth industrial revolution. We look at what possibilities can arise from it. For my part, I try to identify the opportunities, the risks and the opportunities, and decide: Is this a future business with future jobs or is it not? That’s why I support the circles that deal with it.
A few Swiss banks have already started offering Bitcoin futures and the country’s stock exchange announced plans to launch a cryptocurrency exchange.
Even large players like Bitfinex have given Switzerland a stamp of approval of sorts by considering the country as its permanent residence.
All of these factors have contributed to the crypto-nation tag that Switzerland is aspiring for. However, the real issue lies with an acceptance by the country’s bankers.
Limited Acceptance from the Financial System
Only a small number of Swiss banks have allowed cryptocurrency ventures to do business with them making it difficult for such projects to be domiciled in the country. The number of institutions that are warm to digital currency focused business is also shrinking.
At least two Swiss banks have reportedly withdrawn services to cryptocurrency projects and groups, further reducing the already limited pool of institutions that handle basic, essential services like accepting deposits. This has triggered the exodus that the country is now facing.
Some cryptocurrency entities that want to carry out ICOs have resorted to setting up bank accounts in other territories like Liechtenstein and Gibraltar where they have access to more traditional banking services and are able to easily access their funds.FIN
At the same time, the banks in Switzerland that still accept cryptocurrency deposits do so under strict conditions. These include policies to only bank with ICO companies that have KYC and AML procedures compliant with Swiss regulations.
Cryptocurrency companies are also asked to pay initial assessment fees of up to US$2,500 by the banks before securing their services. Faced with such conditions, cryptocurrency enterprises are exploring other options.
Solutions in Regulation & Dialogue
Swiss banks’ hands-off approach on cryptocurrency projects has largely been driven by concerns surrounding the lack of clarity on the rules and regulations that apply in the space.
Some of the stickier points have to do with fraud and money laundering – areas that have dogged projects like ICOs and are the major issues affecting the requirements for opening a bank account.
According to a statement from the Swiss Bankers Association (SBA):
Banks are currently hesitant to open business accounts for companies with particular touchpoints to ICOs and cryptocurrencies – due to risks such as fraud or money laundering.
Switzerland has been working on this, seeking solutions through dialogue and the crafting of regulatory frameworks that will add clarity to the situation.
The Swiss Finance Minister invited the SNB, SBA, and FINMA to a discussion on bank accounts for cryptocurrencies, after which the SBA set to work to compile a system of checks and conditions that could be followed when opening accounts for cryptocurrency firms.
These measures are major steps towards a solution for Switzerland’s problem with the flight of cryptocurrency businesses. Regulatory action regarding cryptocurrencies is often a slow process and the efforts being taken by the Swiss are notable.
It remains to be seen if they are enough to change bankers’ opinions on doing business with virtual currency outfits and more importantly, stop these cryptocurrency companies from leaving.
Do you think the Swiss authorities are doing enough to lure and retain cryptocurrency enterprises? Are regulatory frameworks enough to make a country a competitive destination for cryptocurrency investment? Let us know in the comments below.
Image courtesy of Shutterstock
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Gazprombank Searches for Crypto-Related Clients in Switzerland
Gazprombank Searches for Crypto-Related Clients in Switzerland
Gazprombank is one of the most important banks in Russia. At the moment, it is planning to sign some cryptocurrency-related deals in Switzerland. According to an important spokesperson at the financial institution, the bank is working to accomplish the demand of substantial clients. At the moment, the bank is operating with its subsidiary in Switzerland.
Gazprombank Crypto-Investments
Gazprombank is a state-owned bank that is the third largest in Russia by the amount of assets it has. Now it is trying to conduct some cryptocurrency transactions in order to comply with demanding clients. According to Deputy CEO Alexander Sobol, the bank will be working with these assets using the Swiss-based subsidiary.
Gazprombank Logo
“These will be pilot deals, not on large scale. Some substantial private clients have asked for this kind of services,” explained Mr Sobol to Interfax news agency.
In order to meet the demand, the bank is investigating and analysing the market in the Switzerland. It is important to remember that Switzerland has an open policy toward cryptocurrencies and blockchain technology. Indeed, its finance minister wants to transform Switzerland into a cryptocurrency nation.
Banks in Russia have difficulties to develop crypto-related procedures. But now, the bank is trying to follow the latest cryptocurrency developments, explained Sobol.
The bank offers different services including, retail, corporate, investment and depositary services. The intention is to expand its services to cryptocurrency clients that are demanding new products. The bank has also subsidiaries in Belarus and Switzerland, two countries that have very flexible regulations to crypto-related investments.
Anti Money Laundering Regulations in Switzerland
As the bank is working in Switzerland, it will have to comply with the current anti money laundering (AML) rules in the country. Unfortunately, the Swiss Financial Market Supervisory Authority (FINMA), banned Gazprombank to operate in the alpine country.
According to the FINMA, the bank has been included in the Panama Papers revelations and said that the bank breached its own AML requirements.
The country remains an important hub for cryptocurrency investment companies. The lax regulation and crypto-friendly laws that they have, allow these enterprises to settle their operations there.
Other important enterprises like Bitmain and Bitfinex are ready to move their business to the European country. The city of Zug is known as the crypto—valley and it has an important crypto-related life. Blockchain enterprises have better treatment there, and have prepared human resources in order to keep with their operations.
At the same time, in Russia is trying to implement cryptocurrency legislation in its country. The government is debating which regulations to impose, how to deal with illegal activities, and how to tax crypto investments.
Join the conversation over at Telegram (https://t.me/coinstaker)
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The post Gazprombank Searches for Crypto-Related Clients in Switzerland appeared first on CoinStaker | Bitcoin News.
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Gazprombank Searches for Crypto-Related Clients in Switzerland
Gazprombank Searches for Crypto-Related Clients in Switzerland
Gazprombank is one of the most important banks in Russia. At the moment, it is planning to sign some cryptocurrency-related deals in Switzerland. According to an important spokesperson at the financial institution, the bank is working to accomplish the demand of substantial clients. At the moment, the bank is operating with its subsidiary in Switzerland.
Gazprombank Crypto-Investments
Gazprombank is a state-owned bank that is the third largest in Russia by the amount of assets it has. Now it is trying to conduct some cryptocurrency transactions in order to comply with demanding clients. According to Deputy CEO Alexander Sobol, the bank will be working with these assets using the Swiss-based subsidiary.
Gazprombank Logo
“These will be pilot deals, not on large scale. Some substantial private clients have asked for this kind of services,” explained Mr Sobol to Interfax news agency.
In order to meet the demand, the bank is investigating and analysing the market in the Switzerland. It is important to remember that Switzerland has an open policy toward cryptocurrencies and blockchain technology. Indeed, its finance minister wants to transform Switzerland into a cryptocurrency nation.
Banks in Russia have difficulties to develop crypto-related procedures. But now, the bank is trying to follow the latest cryptocurrency developments, explained Sobol.
The bank offers different services including, retail, corporate, investment and depositary services. The intention is to expand its services to cryptocurrency clients that are demanding new products. The bank has also subsidiaries in Belarus and Switzerland, two countries that have very flexible regulations to crypto-related investments.
Anti Money Laundering Regulations in Switzerland
As the bank is working in Switzerland, it will have to comply with the current anti money laundering (AML) rules in the country. Unfortunately, the Swiss Financial Market Supervisory Authority (FINMA), banned Gazprombank to operate in the alpine country.
According to the FINMA, the bank has been included in the Panama Papers revelations and said that the bank breached its own AML requirements.
The country remains an important hub for cryptocurrency investment companies. The lax regulation and crypto-friendly laws that they have, allow these enterprises to settle their operations there.
Other important enterprises like Bitmain and Bitfinex are ready to move their business to the European country. The city of Zug is known as the crypto—valley and it has an important crypto-related life. Blockchain enterprises have better treatment there, and have prepared human resources in order to keep with their operations.
At the same time, in Russia is trying to implement cryptocurrency legislation in its country. The government is debating which regulations to impose, how to deal with illegal activities, and how to tax crypto investments.
Join the conversation over at Telegram (https://t.me/coinstaker)
Image Courtesy of NewsWorld
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Gazprombank Searches for Crypto-Related Clients in Switzerland
Gazprombank Searches for Crypto-Related Clients in Switzerland
Gazprombank is one of the most important banks in Russia. At the moment, it is planning to sign some cryptocurrency-related deals in Switzerland. According to an important spokesperson at the financial institution, the bank is working to accomplish the demand of substantial clients. At the moment, the bank is operating with its subsidiary in Switzerland.
Gazprombank Crypto-Investments
Gazprombank is a state-owned bank that is the third largest in Russia by the amount of assets it has. Now it is trying to conduct some cryptocurrency transactions in order to comply with demanding clients. According to Deputy CEO Alexander Sobol, the bank will be working with these assets using the Swiss-based subsidiary.
Gazprombank Logo
“These will be pilot deals, not on large scale. Some substantial private clients have asked for this kind of services,” explained Mr Sobol to Interfax news agency.
In order to meet the demand, the bank is investigating and analysing the market in the Switzerland. It is important to remember that Switzerland has an open policy toward cryptocurrencies and blockchain technology. Indeed, its finance minister wants to transform Switzerland into a cryptocurrency nation.
Banks in Russia have difficulties to develop crypto-related procedures. But now, the bank is trying to follow the latest cryptocurrency developments, explained Sobol.
The bank offers different services including, retail, corporate, investment and depositary services. The intention is to expand its services to cryptocurrency clients that are demanding new products. The bank has also subsidiaries in Belarus and Switzerland, two countries that have very flexible regulations to crypto-related investments.
Anti Money Laundering Regulations in Switzerland
As the bank is working in Switzerland, it will have to comply with the current anti money laundering (AML) rules in the country. Unfortunately, the Swiss Financial Market Supervisory Authority (FINMA), banned Gazprombank to operate in the alpine country.
According to the FINMA, the bank has been included in the Panama Papers revelations and said that the bank breached its own AML requirements.
The country remains an important hub for cryptocurrency investment companies. The lax regulation and crypto-friendly laws that they have, allow these enterprises to settle their operations there.
Other important enterprises like Bitmain and Bitfinex are ready to move their business to the European country. The city of Zug is known as the crypto—valley and it has an important crypto-related life. Blockchain enterprises have better treatment there, and have prepared human resources in order to keep with their operations.
At the same time, in Russia is trying to implement cryptocurrency legislation in its country. The government is debating which regulations to impose, how to deal with illegal activities, and how to tax crypto investments.
Join the conversation over at Telegram (https://t.me/coinstaker)
Image Courtesy of NewsWorld
https://ift.tt/2Jan4rs
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Bitfinex Is Considering a Move to Switzerland
Bitfinex – the world’s fifth largest cryptocurrency exchange platform – is potentially leaving Asia and heading for Switzerland. Representatives say they are eager to find a single spot where they can bring all their operations together instead of having them spread over “several locations.”
Also see: Russian Crypto Regulation Draft Slammed as “Too Centralized”
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The company has already engaged in several meetings with the country’s top officials to get an idea of national laws pertaining to finance and cryptocurrency regulation. Bitfinex says it is also considering London, U.K. as a secondary option.
Bitfinex is headquartered in the British Virgin Islands but has various operations based in different Asian countries. A major hack in 2016 and problems maintaining stable banking relationships in Asia have led it to seek a more stable business environment.
European Tech Arena Grows
Switzerland has become a global hub for blockchain and digital currency enterprises. The trend began four years ago when Zurich set up its first bitcoin ATM. Near Zurich is the small town of Zug, which reportedly offers one of the most “business-friendly taxation schemes” witnessed today. The area has long been a haven for commodity trading groups and million-dollar investment firms.
Nowadays, Zug is known as the capital of “Crypto Valley” thanks to its growing tech innovation, which has ultimately been drawing in blockchain and cryptocurrency startups since 2016. The area has served as the primary base for four separate initial coin offerings, and currently houses over 200 separate blockchain companies.
Business Just Keeps on Coming
In addition, Zug also accepts cryptocurrency payments for both council services and local taxes.
The quiet and easygoing environment makes it the primary location for Bitfinex’s new headquarters, and CEO Jean-Louis Van der Velde says it holds the number one spot on their “go to” list. Granted all goes smoothly, Bitfinex and its parent company iFinex will become public limited companies in Europe.
iFinex is also the parent company of Tether, a token pegged in value to USD and used as a digital substitute for it. Many cryptocurrency advocates have come to doubt the intentions and legitimacy behind Tether; no external audit has ever been conducted on its claimed USD reserves, thus making Tether’s actual connection to the U.S. dollar questionable.
Both Bitfinex and Tether later received subpoenas from the Commodity Futures Trading Commission (CFTC), which according to Van der Velde, seriously put executives on edge.
“We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” he assured.
Bitfinex Following an ‘Exit’ Pattern From Asia
Bitfinex’s exit from Asia follows that of Binance, the world’s largest cryptocurrency exchange. With a daily trading volume nearing $2 billion USD, the company was recently hit by a warning letter from Japan’s Financial Services Authority (FSA), saying that it faced possible suspensions and other penalties if it did not obtain appropriate licensure to operate within the country’s borders.
The exchange has since announced plans to relocate to Malta, a European island nation just south of Sicily.
Is Bitfinex making the right move? Post your comments below.
Images via Bitfinex, Pixabay
The post Bitfinex Is Considering a Move to Switzerland appeared first on Bitsonline.
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Cryptocurrency Exchange Bitfinex Plans Move to Switzerland
Bitfinex, the fifth-largest cryptocurrency exchange by 24-hour trading volume, is looking to hoist itself out of Hong Kong and settle in Switzerland, as first reported by Handelszeitung. As confirmed by sources close to Bitfinex, the exchange is already in talks with Swiss authorities.
Jean-Louis van der Velde, CEO at Bitfinex, told Handelszeitung, “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.”
Van der Velde said that Bitfinex, now based in Hong Kong, was also considering London as a potential new location, but for now, Switzerland remains its first choice.
If iFinex pulls off the move successfully, it will form a new AG (or Aktiengesellschaft, which is German for “public company”) to replace the former iFinex in the British Virgin Islands. The company’s core businesses would be based in Switzerland, and van der Velde and other managers would likely relocate there as well.
In addition, iFinex is also the parent company of Tether, a subsidiary that produces tether (USDT), a token pegged to the U.S. dollar. USTD trades on several exchanges, including Bitfinex, but since no third-party audit has ever taken place, questions linger as to whether the $2.3 billion in USDT so far issued by Tether are backed by actual dollars.
Adding to the opaqueness of Bitfinex’s business dealings, since April 2017, Bitfinex and Tether have been cut off from banks in the U.S. and Taiwan and have been left to move among a series of banks in other countries, without informing their customers.
Read the full Bitfinex and Tether timeline here.
Van der Velde hints that a move to Switzerland would bring a renewed transparency to the business. “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” he said, adding that Bitfinex is currently in talks with Swiss banks.
Switzerland has emerged as the home of several initial coin offerings (ICOs), where the town of Zug has unofficially become “Crypto Valley.” The move could be a win-win for both Bitfinex and Switzerland. Bitfinex could help Switzerland attract more blockchain technology business, while the support of Swiss banks could shine some light on Tether.
Bitfinex is not the only exchange that is looking to exit Hong Kong. Last week, Hong Kong–based Binance, the largest cryptocurrency exchange by trading volume, announced it was looking to relocate to Malta, after running up against regulatory hurdles in Asia.
This article originally appeared on Bitcoin Magazine.
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World’s Biggest Cryptocurrency Companies Leaving Asia Highlights Importance of Practical Regulations
A lot of things are happening behind the scene in the cryptocurrency industry. As of right now, it seems a fair few companies are relocating from Asia. Given the mixed regulatory landscape in that part of the world, such changes are not uncommon. Even so, it seems Europe is quickly becoming a prominent place for such companies.
The Asian Cryptocurrency Regulatory Landscape
Most cryptocurrency enthusiasts know all too well Asia is a mixed bag when it comes to regulation. In Japan, Bitcoin and consorts are considered legal tender. However, local exchanges face a lot of scrutiny from the FSA. That latter part is a positive development in the long run, but it may shake up some things in the short-term.
South Korea is the largest region for cryptocurrency exchanges, for the time being. At the same time, the government is still keeping a close eye on things. China is still not in favor of cryptocurrencies and maintains its anti-CNY trading for Bitcoin and altcoins. All of these developments make some companies think twice about their future plans. It seems relocating to Europe makes a lot more sense in this regard.
Whether or not dozens of companies will move to Europe, is a different matter altogether. So far, only two major firms have made this move in recent weeks. However, it seems the seed has been planted and other companies are contemplating similar moves as we speak. All of this shows Europe is simply more welcoming to cryptocurrency than most other parts of the world.
The Migration to Europe
Bitfinex has made its plan clear to move to Switzerland from Asia pretty clear. Their location of interest is Zug, also known as “Crypto Valley”. With a lenient ecosystem toward cryptocurrencies, Zug is certainly making its mark felt. The region also wants to position itself as a major hub for blockchain and Bitcoin altogether.
Binance surprised a lot of people with their recent move. More specifically, their migration to Malta is pretty interesting. The country’s Prime Minister has made it clear Malta wants to position itself as the go-to “haven” for cryptocurrency companies. This “competition” between Zug and Malta will certainly be intriguing to keep an eye on moving forward.
Perhaps the biggest shock comes in the form of what Kakao is planning. Although it remains unclear if the company will host an ICO, their launch of a blockchain platform will still go ahead as planned. Even though the company created a Japanese subsidiary for this blockchain venture, there’s a very real possibility they will set up shop outside of Asia as well. A very peculiar development well worth keeping an eye on.
The post World’s Biggest Cryptocurrency Companies Leaving Asia Highlights Importance of Practical Regulations appeared first on NewsBTC.
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Cryptocurrency Exchange Bitfinex Plans Move to Switzerland
Bitfinex, the fifth-largest cryptocurrency exchange by 24-hour trading volume, is looking to hoist itself out of Hong Kong and settle in Switzerland, as first reported by Handelszeitung. As confirmed by sources close to Bitfinex, the exchange is already in talks with Swiss authorities.
Jean-Louis van der Velde, CEO at Bitfinex, told Handelszeitung, “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.”
Van der Velde said that Bitfinex, now based in Hong Kong, was also considering London as a potential new location, but for now, Switzerland remains its first choice.
If iFinex pulls off the move successfully, it will form a new AG (or Aktiengesellschaft, which is German for “public company”) to replace the former iFinex in the British Virgin Islands. The company’s core businesses would be based in Switzerland and van der Velde and other managers would likely relocate there as well.
In addition, iFinex is also the parent company of Tether, a subsidiary that produces tether (USDT), a token pegged to the U.S. dollar. USTD trades on several exchanges, including Bitfinex, but since no third-party audit has ever taken place, questions linger as to whether the $2.3 billion in USDT so far issued by Tether are backed by actual dollars.
Adding to the opaqueness of Bitfinex’s business dealings, since April 2017, Bitfinex and Tether have been cut off from banks in the U.S. and Taiwan and have left to move among a series of banks in other countries, without informing their customers.
Read the full Bitfinex and Tether timeline here.
Van der Velde hints that a move to Switzerland would bring a renewed transparency to the business. “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” he said, adding that Bitfinex is currently in talks with Swiss banks.
Switzerland has emerged as the home of several initial coin offerings (ICOs), where the town of Zug has unofficially become “Crypto Valley.” The move could be a win-win for both Bitfinex and Switzerland. Bitfinex could help Switzerland attract more blockchain technology business, while the support of Swiss banks could shine some light on Tether.
Bitfinex is not the only exchange that is looking to exit Hong Kong. Last week, Hong Kong–based Binance, the largest cryptocurrency exchange by trading volume, announced it was looking to relocate to Malta, after running up against regulatory hurdles in Asia.
This article originally appeared on Bitcoin Magazine.
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