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Bitstamp to move its user accounts from London to Luxembourg

Photo of: Dennis Ramos
by Dennis Ramos

Bitstamp, the cryptocurrency exchange has confirmed that it has decided to migrate its customer accounts from its London-based Bitstamp Limited to its new entity in Luxembourg. The company officials have claimed that despite such a move, the operations at Bitstamp limited will not be affected by the migration of the accounts. 

Bitstamp is a European-based cryptocurrency marketplace that allows people globally to buy and sell cryptocurrencies safely. The company has been around since the first-generation of exchanges went online. Now Bitstamp is positioned as a medium to fill the gap between the conservative financial and digital world of currencies. Its interface is secure and simple to use which is why more than 3 million traders worldwide vouch for the platform. 

Shifts in the account

Bitstamp has been planning the shifts in the account for the past few months as per the COO’s email response to Coindesk. The shift in the accounts will not involve any tough measures of relocation or change in operational processes staff or even offices. The exchange at present is functioning in three major physical locations around the world. The exchange, Bitstamp Ltd; is based in London while Bitstamp Europe S.A., it’s payment institution where accounts will be moved to is based in Luxembourg. Bitstamp also has its offices in the USA’s financial capital, New York. 

Bitstamp was granted the license to operate as a full-fledge payment institution in Luxembourg in 2016 as it was looking forward to expanding its operations across the European Union. At present, the company has refused to comment as to why the shift in the account is taking place. Their response has been cold on this but TrustNodes as per its report of August 21’s believes that the shifts could happen because of a heightened chance of no-deal Brexit between the European Union and the U.K.

Bitstamp’s secure technologies

Bitstamp is noted for keeping its client’s personal data safe and secure from malicious intentions. The organization follows best practices in terms of security with its advanced algorithms and technologies. It has implemented the multi-sig technology to its hot wallet where only a small portion of a crypto asset is preserved and the majority of the assets are stored offline. It also offers two-factor authentication for that extra layer of security or Bitstamp accounts and is designed to ensure that the account owner is the only person who has access to the account even if someone else possesses the password.

Bitstamp can be accessed even with its native app which is loaded with portal-like features. The ease of use and easy interface has enabled many users to register on the platform with convenience. Users can also access their web-page. 

The current decision to shift accounts to its new potential region for growth is a major decision that the company has taken. And as it claims it will bear no repercussions on any of the existing processes and workflows is something we have to wait and watch.