One among the world’s leading cryptocurrency exchanges, Bitstamp, is reportedly relocating its operations in the U.K. to Luxembourg.
Already operational within Luxembourg, Bitstamp is now allegedly transferring the accounts of its users within the U.K. to Bitstamp Europe SA, a business entity based in Luxembourg.
In line with a recent report by TrustNodes, Bitstamp revealed that the company is now winding down its operations in London.
Bitstamp said that the account migration won’t affect services & don’t require any action from its users:
“In order to legally comply with our regulatory requirements and improve our operational efficiency, we are migrating the accounts of our users from Bitstamp Limited to Bitstamp Europe SA., our business entity based in Luxembourg.”
At the reporting time, Bitstamp has not released a public statement regarding the reported relocation.
Launched earlier in 2011, Bitstamp is one among the world’s first platforms offering transactions in crypto assets like Bitcoin [BTC]. Bitstamp’s London-based arm, Bitstamp Limited, has been operating since July 2012, consistent with data from Bloomberg. Bitstamp’s Luxembourg-based branch, Bitstamp Europe SA, was found earlier in 2016, following regulatory approval to work within the European Union.
Bitstamp’s relocation is seemingly associated with Brexit. After the United States officially withdrew from the EU earlier on 1st Feb, this year, officials are actively negotiating an agreement to facilitate trade operations between the U.K. & EU countries. Recently on 21st Aug, major EU’s Brexit negotiator Michel Barnier warned that a post-Brexit deal between the EU & the U.K. looks “unlikely,” accusing British government of “wasting precious time.”