After operating for more than 8 years, Bitstamp, one of the world’s first and biggest crypto exchanges, is shifting its operations in the United Kingdom to Luxembourg, as No-deal Brexit continues to push many industry players outside the U.K.
According to a report from Trustnodes, the company is already operating in Luxembourg and is now reportedly migrating all its customer accounts in the U.K. to Bitstamp Europe SA, a subsidiary based in Luxembourg.
In an email, the exchange wrote:
“In order to comply with our regulatory requirements and improve our operational efficiency, we are migrating the accounts of our customers from Bitstamp Limited to Bitstamp Europe SA.”
The company adds that the account migration would not affect any of the exchange’s services and users will not be required to do anything as well. According to a statement shared with The Daily Chain, COO of Bitstamp Vasja Zupan said:
“To correct and clarify what has been reported by some media outlets, Bitstamp is migrating European clients from its Bitstamp Ltd. entity to the company’s Bitstamp Europe S.A. entity, a move that has been planned for months. This does not involve any relocation or change in operations, staff or offices.”
At the time of writing, Bitstamp is yet to release a public statement regarding the supposed relocation, but the company has confirmed the authenticity of the report.
Founded by CEO Nejc Kodrič along with Damijan Merlak, Bitstamp was launched in August 2011 and is one of the world’s first exchanges to offer transactions in digital currencies like Bitcoin.
Meanwhile, it’s London subsidiary Bitstamp Limited has been operating since July 2012, and it’s Luxembourg-based branch, Bitstamp Europe SA, was set up in 2016 after it received regulatory approval to operate in the European Union.
Back in 2018, the company was acquired by Belgium-based investment firm NXMH in an “all-cash deal,” which in turn, is owned by South Korean media conglomerate NXC Corp.
As of now, Bitstamp remains the 11th largest exchange based on traffic, liquidity, and trading volumes, according to coinmarketcap, and is seeing $89,066,544 in trades in the 24 hours before press time.