Bitcoin Suisse Withdraws Swiss Banking License Application
- Switzerland’s FINMA has made an “unfavorable prognosis” regarding Bitcoin Suisse’s application for a banking license.
- The crypto broker decided to withdraw its application, but could consider reapplying again after reviewing its anti-money laundering framework.
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After receiving an “unfavorable prognosis” from the Swiss Financial Market Supervisory Authority (FINMA), Bitcoin Suisse decided to withdraw its application for a banking license, the firm said in a blog post on 17 March.
According to a press release from FINMA, Bitcoin Suisse’s application for a Swiss banking license was unlikely to be approved based on their current information. The Swiss financial watchdog further said it gave the application “unfavourable prognosis” due to “various elements that are relevant under licensing law”, such as weaknesses in Bitcoin Suisse’s money laundering defence mechanisms. FINMA said in its press release:
“The Swiss Financial Market Supervisory Authority FINMA has informed Bitcoin Suisse AG that based on current information it considers its application for a banking licence to be ineligible for approval.”
Following FINMA’s announcement, the Zug-based financial services provider decided to withdraw its application for a Swiss banking license “for the time being”. Bitcoin Suisse further said it will consider applying again after it has had time to review its anti-money laundering framework and “potential enhancements”. The firm also said it was aware of the gaps in its framework and has already “initiated the respective projects” to fix them, though that will take them “more time than anticipated”.
Headquartered in the Swiss canton of Zug, crypto broker Bitcoin Suisse first applied for a banking license in July 2019. If its application was approved, the firm would have also received a broker-dealer license, and would have been able to engage in the purchase and sale of securities.
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