Deserted, overgrown: Arbitrade’s global HQ

  • Plant life: weeds are growing on the steps at the entrance to Victoria Hall, the $6.5 million property acquired by Arbitrade last year (Photograph by Scott Neil)

    Plant life: weeds are growing on the steps at the entrance to Victoria Hall, the $6.5 million property acquired by Arbitrade last year (Photograph by Scott Neil)

Weeds are taking over the steps to Victoria Hall, the seven-storey office building acquired by crypto company Arbitrade ten months ago.

The $6.5 million property on Victoria Street has remained in darkness and unused since the deal in October, while Arbitrade’s website fell silent in June when all company information was removed.

A check at the Land Title and Registration Office this week did not show Arbitrade’s name linked to Victoria Hall, and nothing new had been put in the land title registry system for the location during the past year.

Arbitrade acquired the building when Arbitrade Properties (Victoria Hall) Ltd, which is wholly-owned by Arbitrade Property Holdings Ltd, amalgamated with Victoria Hall Company Ltd on October 26.

A document at the Registrar of Companies states that the amalgamated company “will own the property known as Victoria Hall”.

The amalgamation was pursuant to Section 104 of the Companies Act, and consent was given by the Minister of Finance, who at the time was David Burt, the Premier, for the company resulting from the amalgamation — Arbitrade Properties — to hold land in Bermuda not exceeding 0.133 of a hectare, which is the plot size of Victoria Hall.

Arbitrade announced it had acquired Victoria Hall for its world headquarters on October 31.

The two shareholders of Arbitrade Properties are Arbitrade founder Troy Richard James Hogg, a Canadian, and James Goldberg, an American. In October there were no Bermudian directors, however a document filed in April at the Registrar of Companies now states that 66 per cent of the directors are Bermudian.

The names of the directors do not appear on the Bermuda Directors Register website. The company has its registered office at Trocan Management Ltd, in the Trott & Duncan Building on Brunswick Street.

A year ago, Arbitrade announced plans to create hundreds of jobs on the island, make a $1 million donation to the Bermuda Government’s Fintech Development Fund, and said it had “title” to more than $10 billion of gold bullion to back a series of crypto tokens.

Earlier this month, the safe keeping receipt for the gold was assumed by another company, Cryptobontix, which owned the crypto tokens. The $1 million donation to the Bermuda Fintech Development Fund has not been made and there have been no jobs announced.

Arbitrade, which previously called itself a cryptocurrency exchange and mining company, is not listed as a licensed entity on the Bermuda Monetary Authority website. Its future plans are not known. Attempts have been made to reach the company, but no response had been received by press time.

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Published Aug 28, 2019 at 8:00 am (Updated Aug 27, 2019 at 7:52 pm)

Deserted, overgrown: Arbitrade’s global HQ

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