Bitmex plans to open a Swiss office and apply for a Finma license, as part of an initial foray into the wider European market.
The Bitmex crypto exchange intends to expand to Switzerland by opening an office in Zurich or Zug in January 2022, the company said in an announcement.
It said it will locate its Bitmiex Link digital asset trading service here as part of an effort to grow regionally.
«The reasons for our decision are very simple – Switzerland’s status as a regional hotspot for great talent with a growing blockchain ecosystem and an advanced institutional framework makes it a natural choice for our first European presence,» the company said.
Bitmex, which is based in the Seychelles, has experienced its share of turbulence, with former head Arthur Hayes facing court proceedings in the U.S. related to the inadequate implementation of money laundering controls. The company has since embarked on a significant effort to enhance its compliance framework.
Impressive Swiss Ecosystem
The current head of Bitmex Alexander Hoeptner said that Switzerland «is building an impressive crypto ecosystem» with an advanced institutional framework.
Bitmex is a leading platform for bitcoin trading although it is currently pursuing a strategy to expand in other areas including spot trading, brokerage, custody, information products and a so-called academy for digital asset and crypto trading training purposes.
After incorporating, it plans to hire five employees locally. After the Swiss operation is established, Bitmex intends to apply for a Finma license.
