Bitstamp Exchange to Move Its UK Client Accounts to Europe; Not Shutting Down The Office
- An increased call for a no-Brexit deal sees one of the oldest crypto exchanges, Bitstamp, move its service operations from the U.K. to its European offices.
Over the weekend, an email sent to Trustnodes confirmed Bitstamp, a U.S. regulated exchange will be moving its U.K. based client operations to its Luxembourg-based entity, Bitstamp Europe SA. While the rumors remained alive over the past two days, an executive from the exchange confirmed the reports on Aug. 25.
In a statement obtained by BEG from Vasja Zupan, COO of Bitstamp, the exchange has been focusing on relocating its U.K. based clients “for months” to its Bitstamp Europe SA services.
Bitstamp exchange opened its London offices back in 2012 offering U.K. residents a platform to trade cryptocurrencies and other digital assets, but its time is up, Zupan said. According to the email sent, the relocation aims at helping the exchange “comply with regulatory requirements and improve operational efficiency.”
The exchange has yet to offer a solid reason on the Luxembourg business entity move, opened in 2016. The article will be updated with new information as it reaches our desks.
The statement from Trustnodes reports that Bitstamp is relocating due to an increased chance of a “no-Brexit” deal going through this October. However, Zupan confirmed the exchange would continue its operations in the U.K., and the migration of accounts “does not involve any relocation or change in operations, staff or offices.”
U.K. residents do not have to do anything to migrate their accounts. However, once the migration is complete, their accounts will be subject to terms of their European exchange. It reads,
Late last year, Europe’s biggest exchange announced its entry into the Asia-Pacific region hiring former JP Morgan executive, Andrew Leelarthaepin as the VP of Business Development.