Bitstamp reportedly leaves London after eight years of operation

Bitstamp, one of many world’s oldest and largest cryptocurrency exchanges, is reportedly relocating its operations in the UK to Luxembourg.

Already working in Luxembourg, Bitstamp is now allegedly migrating the accounts of its clients within the U.Ok. to Bitstamp Europe SA, a enterprise entity primarily based in Luxembourg.

In line with TrustNodes on Aug. 21, Bitstamp stated that the corporate is now winding down its operations in London.

Bitstamp stated that the account migration is not going to have an effect on providers and won’t require any motion from its customers:

“To be able to adjust to our regulatory necessities and enhance our operational effectivity, we’re migrating the accounts of our clients from Bitstamp Restricted to Bitstamp Europe SA., our enterprise entity primarily based in Luxembourg.”

At publishing time, Bitstamp has not launched a public assertion relating to the reported relocation. The change didn’t instantly reply to Cointelegraph’s request for remark. This text can be up to date pending any new data.

Based in 2011, Bitstamp is without doubt one of the world’s first platforms offering transactions in cryptocurrencies like Bitcoin (BTC). Bitstamp’s London-based arm, Bitstamp Restricted, has been working since July 2012, in response to information from Bloomberg. Bitstamp’s Luxembourg-based department, Bitstamp Europe SA, was arrange in 2016, following regulatory approval to function within the European Union.

Bitstamp’s relocation is outwardly associated to Brexit. After the U.Ok. formally withdrew from the EU on Feb. 1, 2020, officers have been actively negotiating an settlement to facilitate commerce operations between the U.Ok. and EU international locations. On Aug. 21, main EU’s Brexit negotiator Michel Barnier warned {that a} post-Brexit deal between the EU and the U.Ok. appears to be like “unlikely,” accusing the British authorities of “losing beneficial time.”