After feedback from FINMA Bitcoin Suisse withdraws application for banking license

Bitcoin Suisse applied for a Swiss banking license in Summer 2019. FINMA has informed the company that based on current information it considers it to be ineligible for approval and that the prognosis is unfavourable. Various elements that are relevant under licensing law make it unlikely that a licence will be granted. Among other things there are indications of weaknesses in the money laundering defence mechanisms.

After this feedback from FINMA indicating that the application of Bitcoin Suisse for a Swiss banking license would not be ready to be approved in due course, the Board of Directors has decided to withdraw the application for the time being but reserved its decision to re-apply. The application process has shown the need for further reviews of the anti-money laundering framework and potential enhancements. Bitcoin Suisse has initiated the respective projects which, however, need more time than anticipated.

Bitcoin Suisse AG is a financial intermediary domiciled in Zug that specialises in the cryptocurrency business. The company is not supervised by FINMA but is, however, subject to supervision by an anti-money laundering self-regulatory organisation.

(Press release / SK)

Picture: Finma