Bitstamp, one of the largest and oldest cryptocurrency exchanges in the world, would relocate its activities from the UK to Luxembourg.
The company already operating in Luxembourg would migrate its customers’ accounts in the UK to Bitstamp Europe SA, a business unit based in Luxembourg.
according to TrustNodes August 21st Bitstamp said the company is currently ceasing its operations in London.
The exchange, in turn, stated that migrating the accounts will have no effect on the services and will not require any action on the part of users:
“To meet our regulatory requirements and improve our operational efficiency, we are migrating our customers’ accounts from Bitstamp Limited to Bitstamp Europe SA, our Luxembourg-based business unit.”
At the time of going to press, Bitstamp has not made a public statement regarding the reported move. The exchange did not immediately respond to Cointelegraph’s request for comment. This article will be updated until new information is available.
Founded in 2011, Bitstamp is one of the first platforms in the world to provide transactions with cryptocurrencies such as Bitcoin (BTC).. The London-based arm of Bitstamp, Bitstamp Limitedhas been in operation since July 2012, according to Bloomberg. Bitstamp’s Luxembourg-based branch, Bitstamp Europe SA, was established in 2016 after the regulations were approved to operate in the European Union.
The company’s move is apparently related to Brexit. After the UK officially withdrew from the EU on February 1, 2020, officials actively negotiated an agreement to facilitate trade operations between the UK and EU countries. On August 21, the EU’s main negotiator for Brexit, Michel Barnier warned that an EU-UK deal after Brexit seemed “unlikely” and accused the UK government of “wasting valuable time”.