Major Exchange Bitfinex confers Move to Switzerland

One of the biggest cryptocurrency exchanges in the world - Bitfinex is managed ig going to move out of its current base in Hong Kong over to Switzerland
29 March 2018   208

Handelszeitung (the German-language Swiss newsweekly) is declaring that Hong Kong-based Bitfinex is conducting negotiations with Swiss officials over a move to Europe. Switzerland is at the top of the list of potential directions and London is also being reputed as an alternative, the report added.

Bitfinex CEO Jean-Louis van der Velde is explaining the potential move. According to his report, ‘several meetings’ between Bitfinex representatives and Switzerland’s State Secretariat for International Financial Affairs (SIF) are already held. The exchange has also communicated with Johann Schneider-Ammann (the head of the Switzerland’s Federal Department of Economic Affairs, Education and Research). This year Schneider-Ammann has been previously summoned on Switzerland to set its industry-friendly adjusting climate in order to become the world`s crypto nation.

The chief of Bitnex appraised the talks with Swiss authorities as constructive and efficient:

"We are looking for a new permanent home for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations."

Bitfinex alongside its parent company iFinex Switzerland could found a new AG (Aktiengesellschaft) or German for a public limited company that sees its shares traded on a public exchange. At the moment iFinex is located in the British Virgin Islands.

The significant move from Asia to Europe can reportedly see iFinex’s legal and finance departments operate from Switzerland. Bitfinex was strongly criticized for its connection to Tether (an iFinex subsidiary). Bitfinex and Tether have also got summons from the US Commodity Futures Trading Commission (CFTC), investigation which now sees Bitfinex looking to comply with all regulatory demands in Switzerland.

Jean-Louis van der Velde also added:

"We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator."

Binance announced its foray into establishing a base in the European nation of Malta which is undergoing its own effort to become the world’s ‘blockchain island’.

Bitfinex to Deny Drug Money Laundering Claims

Exchange conducted an "internal investigation of its international organization" and found no drug money laundering relations
11 April 2018   192

Bitfinex said that it conducted an "internal investigation of its international organization", during which it established that the site is not involved in the money laundering cases of Colombian drug cartels, which were previously reported in Poland. This is reported by CoinDesk.

As representatives of Bitfinex told the publication, no connection was found between the work of the exchange and the two shell companies accused of deceiving the Belgian government and laundering money from Colombia.

Representatives of the exchange said that "based on all available evidence and information, [it] has concluded that these allegations are untrue and unfounded"

Among the claims under dispute, Bitfinex has not been party to any official investigation launched in any jurisdiction globally on the basis of the allegations reported in the Polish media. This signals that the relevant authorities have found no reason to act upon the claims made against the Bitfinex platform.
 

Bitfinex Team

In addition, the platform stated that none of the users experienced any problems accessing their accounts or funds because of potential law enforcement actions.

For the first time the corresponding rumors appeared at the beginning of the week, when a number of media reported that officers of the Polish police confiscated the property of two front companies. The organizations were accused of "deceiving the Belgian government" and "working with a large online currency exchange". At the same time, the name of the site was not reported. As a result, local and international news agencies linked Bitfinex to these companies.

Earlier, the site also denied rumors that it allegedly owned by her € 400 million were seized in a little-known Polish bank.

Then the exchange was forced to react to the reports that appeared that the police had seized the account in the Polish bank Cooperative Bank, which is allegedly connected with Bitfinex. Initially, these statements appeared on Polish forums, and in the English-language press the news with the note "unconfirmed" was published by Trustnodes.

It was assumed that this account was seen in the international scheme for money laundering of Colombian drug cartels. As one user reported, the Polish police contacted him after he tried to withdraw money from Bitfinex through Crypto SP Z.O.O.

Representatives of Bitfinex reacted to these messages via Reddit, saying that these allegations are not true. Also, the exchange promised to make a separate statement on this issue in the future.