BiteBTC Changes the Jurisdiction
We have spent the last months in vain attempts to agree with MAS on simplifying the methods of verification of our customers.
We fulfilled all the necessary conditions and brought our documents to all the necessary requirements, but were refused. This means that only a minor part of our traders can now undergo verification and start working with BiteBTC exchange. We clearly understand that we are losing a huge market, we get a lot of negative messages and we ruin our reputation by not missing a lot of traders.
Today, the BiteBTC Exchange management decided to change the jurisdiction. We will continue to stay physically in Singapore, but we will have to change our legal company and legal address. Currently, our lawyers are inclined to consider offshore jurisdictions, such as the Seychelles or Gibraltar. In addition to the opening of the company, we will be forced to open bank accounts for the reception of fiat currencies from customers. It will also take some time.
We understand that this step may have a negative impact on our situation, but this is the only possible option for the active growth of our client base and connection of new traders.
We want to reassure all customers. All balances (fiat and crypto) in complete safety, because funds have been accepted and continue to be adopted in strict accordance with the laws of Singapore. Fiat deposits will be transparently transferred to new accounts of the company in another jurisdiction in the near future.