BitBay to Move to Malta

Largest Polish cryptocurrency exchange is forced to move to Malta due to banking issues
30 May 2018   936

The larges cryptocurrency exchange of Poland Bitbay decided to suspend its activities in the home jurisdiction, as banks no longer want to cooperate with it. The exchange will move to Malta, whose laws are more welcoming to the participants of the cryptocurrency market, and will work under the guidance of the new operator. 

Bitbay writes that its activities in Poland directly depend on interaction with local banks, but the last Polish bank that serviced the exchange accounts decided to suspend cooperation in the end of May.

Bitbay will close access to Polish zloty accounts after May 31. Other functions of the site will be available in full scale, however, after September 17, all trading activity on the site will be suspended, and users will only be able to withdraw their money and will not be able to make deposits.

Clients of the company will have the opportunity to register again, after the exchange has reinstated its activities in Malta. Although the platform will be managed by a new operator, it will retain the bitbay.net domain and the BitBay trademark.

Xapo to Move from Hong Kong to Switzerland

According to Ted Rogers, Xapo president, Switzerland is the best place for crypto companies
23 January 2019   78

The well-known cryptocurrency company Xapo has decided to move the majority of units from Hong Kong to the Swiss “Cryptowalley”, BitcoinExchangeGuide reports.

The main structures of Xapo have worked in Hong Kong for several years. Nevertheless, the company is convinced that Switzerland has a more friendly legal infrastructure in relation to cryptocurrencies. This, Xapo believes, will enable the company to improve the quality of services and better comply with regulatory requirements.

It was one thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque. It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets. 
 

Ted Rogers

President, Xapo

Also, according to him, Switzerland is the best place to create cryptocurrency and blockchain companies.

Currently, Xapo has about 250 employees. At the same time, only 10 of them work in Zug.