Published Oct 1, 2020 at 8:00 am (Updated Oct 1, 2020 at 12:12 pm)
Bittrex Global (Bermuda) Ltd has been given a licence to operate its cryptocurrency exchange under the supervision of the Bermuda Monetary Authority.
The Bittrex Global executive team is to begin growing its presence in Bermuda and intends to open an opening a Bermuda office and hire up to three people this year, with further hires as the business grows.
Brittrex Global (Bermuda) Ltd has received a full Class F Digital Assets Business Act licence from the BMA.
Tom Albright, chief executive officer of Bittrex Global, said: “The entire crypto industry is about looking forward. Working with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry.”
The Bermudian-based entity will provide Bittrex Global with an additional gateway for global accounts. From its Bermuda hub, Bittrex Global (Bermuda) will offer additional digital asset services over time, such as futures, subject to further approval by the BMA.
David Burt, the Premier, said: “Attracting Bittrex Global to Bermuda is a significant achievement. As one of the leading global exchanges, Bittrex Global’s choice of Bermuda for expanding their global operations is a testament to the attractiveness of Bermuda’s approach.”
He added: “Thanks to the progressiveness of the Bermuda Government and the BMA, Bermuda offers the ideal regulatory clarity and flexibility to allow Bittrex Global to innovate quickly.”
Stephen Stonberg, Bittrex Global’s (Bermuda) chief financial officer and chief operating officer, said: “Adding the Bermuda-regulated exchange means more people can work with Bittrex Global to invest, trade and expand their portfolios in a fully compliant and well-regulated environment.
“Many Governments around the world have dragged their heels in incorporating the regulatory requirements for digital asset businesses and crypto, but Bermuda has been one of the leaders in regulatory innovation. The Bermuda Government’s concierge service has made the process of setting up our operations in Bermuda seamless. Having a single point of contact within the Government to manage interactions was a refreshing change of pace.”
Steven Rees Davies, lead partner at Bittrex Global’s (Bermuda) legal counsel, Appleby in Bermuda, said: “Congratulations to Stephen Stonberg and Tom Albright and the innovative team at Bittrex Global on the establishment of their cryptocurrency exchange in Bermuda. With digital asset derivatives trading up to roughly seven times the volume of the spot market, providing a platform for traders to actively participate in digital asset derivatives trading is a big step forward in the growing digital asset sector. Bermuda’s highly established regulatory and fintech community welcomes your ingenuity and we look forward to continuing to support your many forward-thinking initiatives.”
Mr Burt added: “Bittrex Global is well positioned to deliver on the promise of how digital assets will reshape our global financial system and Bermuda plays a strong role in that story.”