Bitcoin Suisse withdraws its application for a Swiss banking licence

The oldest cryptocurrency company in Switzerland, Bitcoin Suisse, has decided to withdraw its application for a banking licence after a regulator’s unfavourable forecast.

The Swiss Financial Market Supervisory Authority (FINMA) said that, based on the information available, approval of the company’s application was unlikely.

Among several reasons for the regulator’s negative outlook, it cited weaknesses in Bitcoin Suisse’s anti-money-laundering controls.

The firm notified FINMA of the withdrawal of the application, and the regulator halted the licensing process.

The regulator reminded Bitcoin Suisse that, as a financial intermediary on the crypto market, it must comply with anti-money-laundering rules. FINMA oversees compliance with these rules and with entities not under its supervision.

The company filed the documents for a banking licence in 2019, when FINMA first approved similar applications from two blockchain firms. The ability to operate as regulated banks was granted to SEBA and Sygnum.

Back in 2020, Bitcoin Suisse raised more than $48 million in a Series A round to scale its business.

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