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- Bitstamp has announced that they are leaving London and shifting their businesses to their offices in Luxembourg.
- All the British and European products would be taxed when trade-off borders.
- Owing to some regulatory needs and to enhance their operational efficiency, they have decided to resettle the accounts of their customers from Bitstamp Limited to Bitstamp Europe SA.
Cryptocurrency exchange, Bitstamp have announced that they are leaving London and shifting their businesses to their offices in Luxembourg.
All the British and European products would be taxed when trade off borders. The deadline is set in October. Moreover, all the companies would have to make a choice between settling in Europe or the UK.
As per Bitstamp’s press release, the GBP pair would be added to fiat and cryptocurrencies (USD, EUR, BTC, ETH) by September 1st.
Cryptocurrency exchange, Bitstamp have announced that they are leaving London and shifting their businesses to their offices in Luxembourg. In a recent email shared by Bitstamp to cryptocurrency news channel Trustnodes, it has revealed that owing to some regulatory needs and to enhance their operational efficiency, they have decided to resettle the accounts of their customers from Bitstamp Limited to Bitstamp Europe SA. Bitstamp Limited is in London and was established eight years ago in 2012. On the other hand, Bitstamp Europe SA was established more recently in 2016 in Luxembourg.
No Deal Brexit to Some Extent Affected Bitstamp Decision
Bitstamp in the email has also ensured that during this process no accounts will be affected and the customers need not take any action regarding this. Once the transfer process is completed the accounts will comply under Bitstamp Europe SA’s Terms of Use and updated Privacy protocol. Although the reason behind this has not been stated Bitstamp, the increasing probability of a no deal Brexit. Brexit refers to the withdrawal of the UK’s government from the European Union. Moreover, Michel Barnier has clarified that currently the chances of an agreement or post Brexit deal between the UK and EU is very low. Barnier is an official in the European Union.
Companies may Have to Choose Between UK and Europe
In case no deal is made between the UK and the EU then it is likely that trade between them would be carried out as per the rules of the World Trade Organization (WTO). This means all the British and European products would be taxed when trade off borders. The deadline is set in October. Moreover, all the companies would have to make a choice between settling in Europe or the UK.
At the Same Time Gemini Receives Approval From UK’s FCA
Moreover, Bitstamp leaving London is timed with the UK’s Financial Conduct Authority (FCA) approval received by the American crypto exchange, Gemini. Hence, Gemini exchange became the first ever crypto exchange and the second digital assets firm to receive approval from FCA and got added to FCA’s licensed assets list. Back in May, Bitstamp had added Pound Sterling to their list of supported currencies. As per Bitstamp’s press release, the GBP pair would be added to fiat and cryptocurrencies (USD, EUR, BTC, ETH) by September 1st.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
