Bitfinex Considering Move to Switzerland’s ‘Crypto Valley’
According to Cointelegraph, Bitfinex plans to move from the company’s current hub in Hong Kong to Zug, Switzerland. The CEO, Jean Louis van der Velde, announced the news to Swiss news outlet Handelszeitung on Tuesday.
“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.”
Though the exchange is also considering London as a potential new location, Switzerland is their first choice if they can work with regulators in the country to set up shop.
Bitfinex is a subsidiary of iFinex and is the fifth-largest crypto trading platform in the world based on 24-hour trading volume. The move to Switzerland has been a desirable dream for many projects looking to take advantage of the relaxed regulations and openness to innovation. The small town of Zug, location near Zurich, has been dubbed called “Crypto Valley.”
Van der Velde said to Handelzeitung that the company is in talks with Swiss banks, and added, “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator.”