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   488

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’.

ZCash “Overwinter” sets the Base for Further Developments

The first hard-fork of the privacy-centric protocol Zcash will be held on June 26, 2018: the upgrade is named “Overwinter” and takes place at block 347,500
25 June 2018   172

As declared in Zcash Foundation`s post on the development, the hard fork is to strenghthen the protocol for additional upgrades to the network, for instance replay protection, versioning, a transactional expiry feature, and as yet undetermined changes.The customers will be demanded to install the upgrade after the software is carried out.

The protocol assists for seamless network updates in the future, such as the much-awaited Sapling protocol designed to raise network scalability and speed. Zcash claims the forthcoming update is well-gained by significant third parties like Binance, Gemini and BitFinex, who will “substantially support” Overwinter.  The foundation is also continually reviewing the list of third parties as the entities confirm their involvement.

Theoretically, the network risks a blockchain split if any members of the community disregard the need to update the system and keep on with the old versions of Zcash. While Overwinter is low on features, it is important to the broader network strategy as further capabilities depend on the Overwinter update. 

It`s worth to note that the friction is already happening in some places. On June 20, 2018, D. Jane Mercer, the developer of the ZCash Windows wallet, WinZEC, threatened to stop all coding activities as the network the Zcash Foundation failed to fund his work. The community members nevertheless promptly donated funds to his wallet address.

For miners running Zcash nodes, the official software has been updated to automatically update to the latest software after block 347,500 is mined. However, if automatic updates are disabled, miners stand to can miss the new code. Zcash Foundation asks the users to abstain from using their wallets at least an hour before the scheduled update.