US Crypto Companies Show Interest in Offshore Countries

According to crypto sources, startups operating in the US have sought offshore countries to hide their assets after three different banks went bankrupt last week.

Swiss-based Sygnum and Frick Bank officials operating in Lichtenstein, the US and other countries crypto- He stated that their formations have shown great interest in opening accounts in recent days.

Sources include Swiss banks as well as companies operating in the Bahamas. FTX And Tether claimed that there was also a demand for the related Deltec bank.

Regulatory Pressure Worries Companies

in the United States cryptocurrency regulations have been around for years. Although the government used to be slow to regulate, FTX’s bankruptcy accelerated the work.

The successive news of investigations from the SEC and other authorities (like Binance and Paxos) are intimidating crypto companies.

“Regulations are Clearer in Europe”

While it is not yet clear which government agency will regulate crypto in the US, a clearer stance is being made in Europe. However, overseas companies do not want to be stuck with the regulations.

Dave Weisberger, the founder of the algorithmic trading platform CoinRoutes, mentioned that there is a risk of transferring their resources to offshore islands, especially if the regulations are tightened by UK-based companies.