Bitfinex, which is the world’s fifth largest crypto trading platform in terms of trading volume, plans to relocate from Hong Kong to the Swiss city of Zug (also known as Cryptovalley). The company will also be spun-off of from its previous parent company, iFinex, which is located in the British Virgin Islands.
Jean Louis Van der Velde, CEO of Bitfinex, stated that with this move, his company wants to merge its spreaded operations and in addition, it shall become one of the most transparent cryptocurrency exchanges. Bitfinex’s leadership even met several times with Switzerland’s State Secretariat for International Finance (SIF) and Federal Councilor Johann Schneider-Ammann (head of the Economic Department).
The final decision regarding this move depends on the future requirements for cryptocurrency exchanges by the Swiss Financial Market Authority (FINMA). A possible alternative to Switzerland would be London.
