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   1492

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’.

Tether to Perform Large USDT Swap

Omni based USDT worth over $100 000 000 will be moved to ERC-20
06 August 2019   133

Paolo Ardoino, CTO at Bitfinex and Tether, announced the transfer of part of the USDT offer from Omni protocol to ERC-20.

Tether is working with an exchange to perform a swap from Omni to ERC20 of part of its USDt cold wallet.

Paolo Ardoino

CTO, Bitfinex and Tether

On the Tether website, you can see the amount of USDT on the basis of various blockchains.

USDT Transparency
USDT Transparency

So far, USDT stablecoins based on Omni prevail in circulation - 2.82 billion, while the supply of stablecoins of the ERC-20 standard has already reached 1.45 billion. 107 million USDT were issued on the Tron blockchain, 251 million on EOS, and while only 61,000 stablecoins "live" in the Liquid Network.