One of the world’s oldest and largest cryptocurrency exchanges is reportedly relocating its operation outside of the United Kingdom. 

According to a report by TrustNodes, the London-based Bitstamp is winding down its operations in the UK after opening more than eight years ago. The report claims the exchange is allegedly migrating the accounts of UK customers to Bitstamp Europe SA, a business entity located in Luxembourg. 

The exchange cited regulatory compliance and an improvement in operational efficiency as motivation for the move. 

An email shared with TrustNodes reads, 

In order to comply with our regulatory requirements and improve our operational efficiency, we are migrating the accounts of our customers from Bitstamp Limited to Bitstamp Europe SA., our business entity based in Luxembourg.

The exchange claimed client services would not be affected by the move and that users would be notified once their accounts had been migrated to Bitstampe Europe SA. 

Bitstamp confirmed the authenticity of the email but failed to provide any further explanation. However, the report speculates increasing concern over a no-deal Brexit prompted the move, which could have tax implications for the exchange. 

News of Bitstamp’s exodus follows on the heels of EU’s Brexit negotiator Michel Barnier warning that “an agreement between the UK and EU seems unlikely.” 

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