Newly launched cryptocurrency exchange BiteBTC, registered in Singapore, has announced that it intends to find more friendly to her customers jurisdiction.
According to the team BiteBTC, all attempts of negotiations with the financial regulator of Singapore (MAS) on the simplification of the methods of verification and registration of their clients taken over the last few months, led to positive results. The crypto currency exchange uses its own criteria checks that fulfil all the necessary conditions imposed by the regulator, and prepared documents for permission to use the existing test, but they still refused.
For BiteBTC such a failure means that only a small part of it traders can now pass the test and to use a crypto currency exchange, and accordingly, it can lose most of their potential customers. Therefore, the exchange decided to find a more friendly jurisdiction.
The search for acceptable conditions of work
In connection with the decision to change the jurisdiction of the team reassured its customers saying:
“We will continue to physically stay in Singapore, but we have to change our jurisdiction of incorporation and domicile”.
Currently, the lawyers of the exchange tend to consider offshore areas, such as the Seychelles or Gibraltar. In addition, the company said it will open a Bank account in the selected to register the country for the convenience of customers with Fiat money.
The crypto currency exchange also stated that, despite the change of jurisdiction, all account balances of users are safe, and currently under the protection of the laws of Singapore. In the future they will be transferred to the new company accounts in a different jurisdiction, but the exchange guarantee their safety.
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