Bittrex moving headquarters from Malta to Liechtenstein

nydiacaskey01

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Quote from: DaveWave on October 23, 2019, 07:03:31 PM

Quote from: scambust on October 23, 2019, 06:46:41 PM

You forgot Bittrex might be running low on cash because of the altcoin bear markets. Maybe the reason they left for another country is to save on legal fees, if they stayed in Malta, they may have to close shop. Binance really took their marketshare and Binance can open shop anywhere.

So Bittrex will not to continue to stop its operations? I remember reading somewhere that Bittrex will be closing. Its volume is dying and is getting worse each day. CZ is like a financial genius. Binance is expanding in the US. Binance is also well invested on different promising projects worldwide with its venture arm Binance Labs.

They are not closing down their business, they are moving their business from one place to another because of the regulations in the country where their business is registered. But, we really don’t know what Bittrex is planning to do next, however keep in mind that no businessman will make any move or any action that will hurt their business. Its always for the betterment of their business granting that Bittrex is not planning to runaway.

Coin_trader

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Quote from: gentlemand on October 23, 2019, 06:54:44 PM

Quote from: scambust on October 23, 2019, 06:46:41 PM

You forgot Bittrex might be running low on cash because of the altcoin bear markets. Maybe the reason they left for another country is to save on legal fees, if they stayed in Malta, they may have to close shop. Binance really took their marketshare and Binance can open shop anywhere.

Not that I know anything about running an exchange, but I would imagine moving to an entirely new jurisdiction would cost an awful lot more than staying in your existing one in the immediate term at least.

There must be a compelling reason to do so. I'd love to know what it is and it's notable they've said absolutely nothing unlike Poloniex's whining. It could be that Malta itself is being pressured to sort its shit out considering the corruption going on there.

Liechtenstein FMA is more reputable compared to Malta which we all know how poor there regulation regarding financial law. Moving in new solid regulation will help bittrex to boost there reputation again.
Besides that. Liechtenstein shows support on cryptocurrency which I believe that will help them to secure a license to operate there.

DaveWave

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Quote from: scambust on October 23, 2019, 06:46:41 PM

You forgot Bittrex might be running low on cash because of the altcoin bear markets. Maybe the reason they left for another country is to save on legal fees, if they stayed in Malta, they may have to close shop. Binance really took their marketshare and Binance can open shop anywhere.

So Bittrex will not to continue to stop its operations? I remember reading somewhere that Bittrex will be closing. Its volume is dying and is getting worse each day. CZ is like a financial genius. Binance is expanding in the US. Binance is also well invested on different promising projects worldwide with its venture arm Binance Labs.

gentlemand

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Quote from: scambust on October 23, 2019, 06:46:41 PM

You forgot Bittrex might be running low on cash because of the altcoin bear markets. Maybe the reason they left for another country is to save on legal fees, if they stayed in Malta, they may have to close shop. Binance really took their marketshare and Binance can open shop anywhere.

Not that I know anything about running an exchange, but I would imagine moving to an entirely new jurisdiction would cost an awful lot more than staying in your existing one in the immediate term at least.

There must be a compelling reason to do so. I'd love to know what it is and it's notable they've said absolutely nothing unlike Poloniex's whining. It could be that Malta itself is being pressured to sort its shit out considering the corruption going on there.

scambust

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Quote from: gentlemand on October 23, 2019, 06:42:44 PM

Quote from: 1Referee on October 23, 2019, 05:52:18 PM

Coinbase has followed the right path of becoming compliant in every possible way, which puts them in a great position looking at how its competitors are fleeing from one country to another.

This once again shows that it's not a sprint race, but a marathon race. Coinbase is the obvious winner. Patience is virtue.

Agreed. This isn't a credible or sustainable look, nor is hopping from one pipsqueak to another. And seeing the list of majority innocuous nationalities that Bittrex has culled with this move it has an impact on innocent customers too.

Staying put somewhere significant and working within it to get established is what will pay the most dividends in the end for themselves and the wider scene. Doing a runner every time there's a tiny bit of pressure or when you stumble across a slightly better option is going to ensure you wipe yourself out eventually.

You forgot Bittrex might be running low on cash because of the altcoin bear markets. Maybe the reason they left for another country is to save on legal fees, if they stayed in Malta, they may have to close shop. Binance really took their marketshare and Binance can open shop anywhere.

gentlemand

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Quote from: 1Referee on October 23, 2019, 05:52:18 PM

Coinbase has followed the right path of becoming compliant in every possible way, which puts them in a great position looking at how its competitors are fleeing from one country to another.

This once again shows that it's not a sprint race, but a marathon race. Coinbase is the obvious winner. Patience is virtue.

Agreed. This isn't a credible or sustainable look, nor is hopping from one pipsqueak to another. And seeing the list of majority innocuous nationalities that Bittrex has culled with this move it has an impact on innocent customers too.

Remaining somewhere significant and working within it to get established is what will pay the most dividends in the end for themselves and the wider scene. Doing a runner every time there's a tiny bit of pressure or when you stumble across a slightly better option is going to ensure you wipe yourself out eventually.

Somewhere that suddenly becomes 'crypto friendly' can just as suddenly become unfriendly again. They're all still in the feeling it out stage. Staying put and aiding that process is the best move.

1Referee

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Quote from: countryfree on October 23, 2019, 12:57:46 PM

Liechtenstein is one of the best places in the world to do business. Safety, secrecy, Liechtenstein has it all, but it's not a cheap place to do things. It's a very expensive place to live.

I remember the same euphoria and praise when very large crypto businesses were moving to Malta, and here we are now reading articles about the same businesses leaving to another country, until that other country follows Malta, which I believe is only a matter of time. It's a cat and mouse game where the mouse keeps hiding inside a hole or crack until there are no more holes and cracks to hide in.

Coinbase has followed the right path of becoming compliant in every possible way, which puts them in a great position looking at how its competitors are fleeing from one country to another.

This once again shows that it's not a sprint race, but a marathon race. Coinbase is the obvious winner. Patience is virtue.

malevolent

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Prince of Liechtenstein has previously been cautiously enthusiastic about Bitcoin and cryptocurrencies, I guess this Act is him showing he has made up his mind.

Bitbay is also leaving Malta, but they're moving to Estonia. Malta's regulations are not as lax as in the past, probably due to AMLD5.

countryfree

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Good! Very Good!

Liechtenstein is one of the best places in the world to do business. Safety, secrecy, Liechtenstein has it all, but it's not a cheap place to do things. It's a very expensive place to live.

figmentofmyass

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Quote from: hugeblack on October 22, 2019, 07:27:49 AM

Do you think this news relates to what Malta's financial regulator (MFSA)^[1] said it would "actively monitor" the licensed cryptocurrency?
It has not been a month since the date of this news. We can also link this news to news related to the closure of the exchange service in more than 31 countries due to regulations or "regulatory uncertainty."
I don't think the storm will calm down, someone is trying to hide something. Undecided

when binance runs off to yet another jurisdiction, we'll know maltese regulators are closing in. Wink

until then, i'm inclined to believe this has more to do with recent changes in liechtenstein. three weeks ago, they passed comprehensive legislation that apparently provides great clarity regarding tokens, securities, custody, etc: http://www.liechtensteinusa.org/article/liechtensteins-parliament-approves-blockchain-act-unanimously

Quote from: magneto on October 22, 2019, 02:34:15 PM

I never knew that Liechtenstein was also a crypto safe-haven though.

i don't think it was. maybe it will be now.

magneto

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Very interesting news. Obviously Malta is known for their very lax regulations on crypto businesses which is a reason why a lot of exchanges have started to base themselves out of there in recent years.

It's not good news to see exchanges now trying to actively move out, especially not one the size and influence of Bittrex (even though they did decline quite a bit after they removed legacy accounts). It almost certainly have to be attributed to at least some sort of regulatory tightening in the country, or at least uncertainty.

I never knew that Liechtenstein was also a crypto safe-haven though. But as I said for a business to leave a country as pro-crypto as Malta, there has to be something major.

hugeblack

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Quote from: https://medium.com/bittrex/bittrex-international-update-bittrex-global-launch-2f64fca503fd

On Tuesday, October 29, Bittrex International (operated out of Malta) will be closing. This closure coincides with the launch of a new exchange partner — Bittrex Global. Bittrex Global is a new European exchange utilizing the trusted Bittrex technology platform. Headquartered in Liechtenstein, Bittrex Global aspires to be the premier global exchange for trading new and innovative blockchain tokens.

Do you think this news relates to what Malta's financial regulator (MFSA)^[1] said it would "actively monitor" the licensed cryptocurrency?
It has not been a month since the date of this news. We can also link this news to news related to the closure of the exchange service in more than 31 countries due to regulations or "regulatory uncertainty."
I don't think the storm will calm down, someone is trying to hide something. Undecided

[1]

Quote from: https://www.theblockcrypto.com/linked/38774/malta-finance-regulator-to-actively-monitor-crypto-firms-to-prevent-money-laundering

The Malta Financial Services Authority (MFSA), the European country’s financial regulator, has said that it will “actively monitor” licensed cryptocurrency businesses in the country to prevent money laundering.

Topic: Bittrex moving headquarters from Malta to Liechtenstein (Read 91 times)