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BitMEX set to launch brokerage service in Switzerland

BitMEX

TL;DR Breakdown

• The European country appears open to accepting cryptocurrencies under its laws.
• BitMEX must show regulators that they would not present money laundering problems.

BitMEX, a global crypto platform, is getting ready to be tested by Swiss regulators. This occurred after the exchange platform had to pay a $100 million fine in the United States.

Switzerland has created several cryptocurrencies laws to become a point of utility for virtual commerce. The global crypto exchange wants to tackle these reforms while becoming a priority among new Swiss enthusiasts.

Switzerland is ready to accept cryptocurrencies

BitMEX

While other countries in Europe are looking to regulate cryptocurrencies, Switzerland has created strong laws to support them. The European country sees a future in the Blockchain network and the cryptocurrencies that support it, so they have created a legal structure for virtual commerce. Seeing this favorable outlook, BitMEX seeks to enter the ecosystem, which shows itself to Swiss regulators.

The crypto platform is recovering from a serious lawsuit imposed by the CFTC and North American FinCEN in August. This fine cost about $100 million, which put back several technologies the crypto-exchange sought to develop.

After going through these serious accusations, BitMEX and its entire team are focused on new countries, and Switzerland seems a great option. According to the company’s CEO, the country in Europe is creating a crypto industry with various characteristics that turn out to be attractive for crypto exchanges.

Some announcements suggest that BitMEX could create a headquarters in Zurich. Other speculators believe that the company’s office will open in Zug by January 2022. The project could incorporate an offer from Swiss regulators so that the platform can work freely.

BitMEX on the list for crypto trading in Switzerland

The global crypto platform is one of the first candidates to trade cryptocurrencies after being regulated possibly. This measure is supported by Swiss law imposed in August that dictates the introduction of Blockchain networks and commercial platforms licenses.

However, regulators such as FINMA have expressed that they will not approve companies with issues in their books. Therefore, BitMEX has to show regulators they are clean about the fine imposed in September. In the same way, the company has to show the regulators they will not present money laundering problems.

The global crypto platform stands alongside Crypto Finance, reflecting its attraction to the new Swiss cryptocurrency landscape. With both companies vying for a place in Switzerland’s crypto trade, the country may soon become a powerhouse. Switzerland could be recognized as the next tax haven for cryptocurrencies, attracting more investments and companies.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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