Bitfinex wants to move to Switzerland

It looks like Europe is the new crypto-hotspot and go-to place for cryptocurrency exchanges looking for a new home. After the recent news that Binance may be re-basing to the European island of Malta, there is now news that Bitfinex may move to Switzerland.

SWITZERLAND

Switzerland is one of the more established crypto-hotspots in the world, with the valley around the city of Zug known as 'Crypto Valley' (Yes, they even have a website). One major draw for cryptocurrency based companies to base themselves in Switzerland is the country's friendly attitude and regulations with regards to cryptocurrencies, and of course it's historically stable independent financial position.

Crypto Valley in Zug hosts a multitude of cryptocurrency related companies, such as Ethereum, Shapeshift, Xapo, Tezos, and a host of other smaller, lesser known projects. One notable citizen of Zug is Vitalik Buterin himself.

BITFINEX

With regulations in Asia tightening up, companies are on the move and looking for greener pastures. Recently Binance announced that it is likely to move it's operations to the European island of Malta, due to it's crypto-friendly regulations. Bitfinex, although legally based in the British Virgin Islands but primarily and traditionally an 'Asian' exchange, looks to be following suit, but is looking at Switzerland instead.

The move to Switzerland could be a smart one: the country is well known for it's financial aptitude and has built a reputation for trust and attention to detail. Although Switzerland is in the heart of Europe, it is not an EU member which allows for some flexibility and freedom from potential EU regulatory problems.

Binance and Bitfinex aren't the only ones looking to move their businesses. According to this article Crypto Valley has had several exploratory inquiries from exchanges from Asia, Europe and Central America in the last three weeks alone.

REGULATORY COMPLIANCE

Interestingly Bitfinex seems keen on being completely transperant and regulatory compliant and has stated they aim to meet all the requirements of the Swiss regulators.

This sounds very positive, when considered that there is a lot of FUD with regards to Tether and Bitfinex's affiliation with Tether. If Bitfinex is so keen on regulatory compliance and transperancy, then perhaps the Tether-situation is less dramatic than we all fear.

With more and more blockchain companies originating from or rebasing to Europe I can't help but wonder: Is Europe the new blockchain hotspot?

>> Click here to read the original German article <<

>> Click here to read an English translated version <<

(Art by Roy Lichtenstein)