Bitfinex, the fifth-largest cryptocurrency exchange owned by iFinex Inc., is weighing a possible move to Switzerland, Handelszeitung reported.
“We are looking for a new home for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations,” Bitfinex CEO Jean-Louis van der Velde said.
London is another potential new location, but for now, Switzerland remains the first choice.
Van der Velde believes the move to Switzerland will bring a renewed transparency to the business.
“We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” he said, adding that Bitfinex is currently in talks with Swiss banks.
The Swiss city of Zug has emerged as an unofficial “Crypto Valley,” and the move could benefit for Bitfinex and Switzerland.
Hong Kong–based Binance, the largest cryptocurrency exchange by trading volume, also announced last week it was looking to relocate to Malta, after running up against regulatory hurdles in Asia.