• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
Swiss

Xapo Still Battling Swiss Regulators After 18 Months in Limbo

William Suberg by William Suberg
6 years ago
in News, Bitcoin, Companies, News teaser
0

‘Bitcoin Bank’ Xapo has still not completed its move to Switzerland more than 18 months after announcing the plan.


CEO: Swiss is Best

The company, registered in the Cayman Islands but run out of the US, said that regulatory issues were behind the delays, with Swiss authorities unsure as to how to classify Xapo’s activities.

“The regulatory environment for Bitcoin in Switzerland is very advanced, perhaps the best in the world,” CEO Wences Casares previously told local news publication Finanz Und Wirtschaft.

wences_casares_paypal

As 2016 draws to a close, however, a sense of irony is beginning to creep in. In a piece on Xapo, the Neure Zuercher Zeitung (NZZ) notes it is Switzerland’s arcane banking laws – dating from 1934 – that are giving the company an unwanted identity crisis in the eyes of regulators.

As of now, it reports, financial authorities – specifically Swiss regulator Finma – are still unsure whether the services Xapo offers make it, in fact, a bank.

NZZ confirms that:

Xapo is still dealing with […] Finma as regards the conditions under which it can enter the Swiss market. 

Identity Crisis?

Even Casares himself seems to be making contradictory noises. While singing Switzerland’s praises, in the interview he also described Xapo as a “bank for Bitcoin.” Olga Feldmeier, the lone employee of Xapo’s mostly nonexistent Swiss arm, meanwhile states the opposite.

“We don’t give out credit, we don’t offer any interest-related features,” she said.

Casares meanwhile has been resident in Switzerland attempting to clear the way for his company’s full transfer away from the US’ overbearing regulatory and reporting obligations.

The company already has all the markings of a serious operation; its hardware, such as servers, for example, has been stored in former military bunkers in Switzerland since last year. PR photos of the imposing setup have proudly been released for all to see.

12

[Click here to view slideshow via NZZ.ch]

The setup is indeed impressive. Two chambers in the bunker handle storage in what could well be Europe’s most trustworthy facility. Customer transactions are received by a server in one chamber. The requests are downloaded onto a USB stick, which is then transferred to a laptop in the second chamber, which features Orwellian-level surveillance.

Nonetheless, as NZZ points out, as of December 2016, Xapo is neither a bonafide US nor a Swiss business.

What do you think about Xapo’s choice of location? Is Switzerland due to become the ultimate Bitcoin-friendly jurisdiction? Let us know in the comments below!


Images courtesy of shutterstock, nzz.ch

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

William Suberg

William Suberg

Related Posts

Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

3 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

3 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

4 days ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

4 days ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

7 days ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

7 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    15 hours ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    16 hours ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    18 hours ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Expert Opinion: Ethereum (ETH) is Undervalued, Crypto...

    36 mins ago
  • What Does Passive Income Mean For You If You Use Cardano...

    1 hour ago
  • Is Filecoin A Good Investment? SEC Calls It A Security!...

    1 hour ago
  • The Epic Altcoin Rumble 2023: Caged Beasts, TRON &...

    1 hour ago
  • Dogetti: Embracing the Wake-Up Call of Cardano’s...

    1 hour ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.