Cryptocurrency Exchange Bitfinex Move to Switzerland

[kynalex]

Bitfinex, one of the world’s largest cryptocurrency exchanges, is reportedly planning to move out of its current base in Hong Kong over to Switzerland. https://www.ccn.com/major-cryptocurrency-exchange-bitfinex-weighs-move-to-switzerland/
German-language Swiss newsweekly Handelszeitung is reporting that Hong Kong-based Bitfinex is already in talks with Swiss authorities over a move to Europe. Switzerland is at the top of the list of potential destinations while London is also being considered as an alternative, the report added.
The publication directly cites Bitfinex CEO Jean-Louis van der Velde in revealing the potential move, with ‘several meetings’ between Bitfinex officials and Switzerland’s State Secretariat for International Financial Affairs (SIF) already having taken place. Bitinfex has also been in contact with Johann Schneider-Ammann, head of Switzerland’s Federal Department of Economic Affairs, Education and Research. Speaking at a conference earlier this year, Schneider-Ammann has previously called on Switzerland to further its industry-friendly regulatory climate to become the world’s ‘crypto nation’.

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[buwaytress]

So Binance is being welcomed to Malta. Bitfinex to Switzeand. The Swiss used to love them being the money laundering capital of the world. But privacy banking has changed. Swiss bank accounts no longer the prestigious accessory of the wealthy.

Looks like they found a way back into the realm of financial exclusivity. Not sure the Bitfinexes and Binances will get away with this for long though.

[1Referee]

It won't take long before we see a massive domino effect happen with exchanges and other services moving from HongKong to Europe. It's pretty understandable as well, especially with how China is not only looking to enforce its paranoid laws within their own country, but they also want to drag HongKong down with them. I just wonder whether or not the authorities in Switzerland will question Bitfinex about their connection with Tether, which hasn't exactly been willing to let ANY authority audit their reserves. I definitely hope so, because the connections between Bitfinex and Tether are too much of a thing to just pass on them like it doesn't exist. Either way, if they manage to register themselves there, it will at least add some 'credibility' to their entire operation, but still not enough to even remotely have people forgive and forget about their insanely shady actions.

[Mometaskers]

I can't tell if it's a good news that they'd be able to avoid China's increasingly tyrannical control of finance now that they are moving to Europe. We all know the EU is about regulations, lots of it. It might make crypto more "legitimate" and might help popularize it in the mainstream but at what cost?

[PauloLuks]

Switzerland has emerged as the home of several initial coin offerings, where even the city of Zug has unofficially become the "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.

[RamonBTC]

Is it fair to say that Europe is now the new haven for cryptocurrency exchanges because nonetheless 2 of the most popular sites/company is moving from Asia ( Binance and bitfinex ) to Europe (Malta and Switzerland). If not mistaken I’ve read something about Europe new regulation on crypto, but forgotten about it. If this would solve the problem then looking forward for a relocation attempt by them.

[scorpionso]

wise step for bitfinex. safe home for  unregistered money in the world. and actually if I have a lots of money one day I'll also move my money to this country.

[Thamon]

Bitfinex, one of the world's largest cryptocurrency exchanges, is reportedly planning to move out of its current base in Hong Kong over to Switzerland.

[thefaucetrunner]

I can't tell if it's a good news that they'd be able to avoid China's increasingly tyrannical control of finance now that they are moving to Europe. We all know the EU is about regulations, lots of it. It might make crypto more "legitimate" and might help popularize it in the mainstream but at what cost?

This is the big question. As cryptocurrency matures, it will have to make amends with regulations that are antithetical to what cryptocurrency has stood for.

[BillCoin]

So Binance is being welcomed to Malta. Bitfinex to Switzeand. The Swiss used to love them being the money laundering capital of the world. But privacy banking has changed. Swiss bank accounts no longer the prestigious accessory of the wealthy.

Looks like they found a way back into the realm of financial exclusivity. Not sure the Bitfinexes and Binances will get away with this for long though.

More then just money laundering, they are not working with US banks, so they can actually be based in the US, without the need to report their usernames to the governments, the govenrments can't really ask the info from the swiss bank so bitfinex customers are actually protected now.
On the other hand Bitfinex is also not forced to provide details about their bank account as requested in order to prove that they have the funds to back the Tethers that they initial.

[ThePunisher49X]

Wasn't it bitfinex that sent out that email telling all their US citizens who have an account with them their accounts will be terminated in June?
So with this move to a more lax country on having strict rules cause this exodus of any American customer accounts be reneged?

[amishmanish]

So Binance is being welcomed to Malta. Bitfinex to Switzeand. The Swiss used to love them being the money laundering capital of the world. But privacy banking has changed. Swiss bank accounts no longer the prestigious accessory of the wealthy.

Looks like they found a way back into the realm of financial exclusivity. Not sure the Bitfinexes and Binances will get away with this for long though.

More then just money laundering, they are not working with US banks, so they can actually be based in the US, without the need to report their usernames to the governments, the govenrments can't really ask the info from the swiss bank so bitfinex customers are actually protected now.
On the other hand Bitfinex is also not forced to provide details about their bank account as requested in order to prove that they have the funds to back the Tethers that they initial.

This "black money" issue has been a big talking point in my country for the last 3-4 years. Ill gotten wealth that the politicians and businessmen stack elsewhere, typically in Swiss accounts. For the last few years, there was a lot of public pressure to make the names of individuals with huge swiss accounts public. Lot of political mileage was garnered by the present ruling party promising to release the names once they come to power. Obviously nothing of that sort happened as they too started citing "issues" in making the names public.

The one thing that stands out is that even if there is pressure the elites protect each other. Democracy or no democracy, the rulers will get away with it no matter what. The same money laundering issue is being touted in case of bitcoin. Bitcoin affords anonymity to even the middle classes. This is what they fear. It is okay if the richest 1% stack billions in black money in swiss accounts (which can not be disclosed) but if it's a technology then that becomes a problem for them. It's so exasperating

The bold part is something troublesome though. Government's and Fed's wariness of Bitfinex comes from the fact that they are the Federal Reserve of crypto.. They are printing money out of thin air and keeping the crypto-economy running. Bitfinex is wrong, the other is absolutely right??!

[Beerwizzard]

That's a pretty good move from their side. Personally I was afrade that with all those Tether issues they fill continue different shadow activities and move away somewhere where they can avoid any kind of serious  punishment for any possible financial crime. So even if they are hiding from the US law they are still going go stay in a legal field. Meanwhile Switzerland is a reputable zone (even way more reputable then Malta) and they are crypto friendly. There alreaty were some rumours about crypto franc. Who knows, maybe something like that have a chance yo appear on Bitfinex.

[BrewMaster]

wise step for bitfinex. safe home for  unregistered money in the world.

maybe a wise plan for bitfinex but also a terrible thing for the users!
the more these exchanges run away from regulations and try to stay hidden, unregulated, shady, and anonymous with their bank accounts secret, the more we will see scams and alleged hacks happening. so next time Bitfinex told us they were hacked we should kiss our money goodbye. 

[squatz1]

Would make sense to move to Switzerland, their authorities are without a doubt going to be more friendly towards cryptocurrency and everything along those lines just like they were to banking. They're going to take a ton of money from whoever they can get it from, which right now is going to be crypto -- as the banks are under mass scrutiny.

Makes sense, would like to see it happen.

[Sahyadri]

It is because countries like Switzerland, Estonia, France and Japan are wooing crypto businesses to set up office in their jurisdictions. This is the major reason why most of the companies are moving their businesses there. Unlike Asian countries, those countries do not fiddle with their businesses or keep poking around. In India, the accounts of cryptocurrency exchanges were banned in January and one thing or the other keeps happening. I won't be surprised if I see Indian exchanges move to Switzerland or any other European country.

[Wayan_Pedjeng]

Switzerland has realized that Bitcoin is key to the future (just like the Japanese). Now this might look very insignificant, but in five to ten years from now, the Swiss will be bragging about the day when they welcomed Bitfinex to their country.

[Craigjohnstone]

What a move to Switzerland would mean:
Better quality of life
Quality work force
Government policies
Talent
Location

[GangNamSK]

Would make sense to move to Switzerland, their authorities are without a doubt going to be more friendly towards cryptocurrency and everything along those lines just like they were to banking. They're going to take a ton of money from whoever they can get it from, which right now is going to be crypto -- as the banks are under mass scrutiny.

Makes sense, would like to see it happen.

I have faith in moving to Switzerland, their government will no doubt be more friendly with electronic money.
It will be a big step forward for this market, as more and more big countries support the market value as much as possible. I think so.