{"id":39107,"date":"2021-03-17T18:52:43","date_gmt":"2021-03-17T16:52:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39107"},"modified":"2025-08-30T07:58:32","modified_gmt":"2025-08-30T04:58:32","slug":"bitcoin-suisse-withdraws-its-application-for-a-swiss-banking-licence","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-suisse-withdraws-its-application-for-a-swiss-banking-licence\/","title":{"rendered":"Bitcoin Suisse withdraws its application for a Swiss banking licence"},"content":{"rendered":"

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

The Swiss Financial Market Supervisory Authority (FINMA) said<\/a> that, based on the information available, approval of the company’s application was unlikely.<\/p>\n

Among several reasons for the regulator’s negative outlook, it cited weaknesses in Bitcoin Suisse’s anti-money-laundering controls.<\/p>\n

The firm notified FINMA of the withdrawal of the application, and the regulator halted the licensing process.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Back in 2020, Bitcoin Suisse raised more than $48 million in a Series A round to scale its business.<\/p>\n

Follow Forklog\u2019s news on Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The oldest cryptocurrency company in Switzerland, Bitcoin Suisse, has decided to withdraw its application for a banking licence following the regulator’s unfavourable forecast.<\/p>\n","protected":false},"author":1,"featured_media":39108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2053,922,36,468],"class_list":["post-39107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-suisse","tag-finma","tag-regulation","tag-switzerland"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=39107"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39107\/revisions"}],"predecessor-version":[{"id":39109,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39107\/revisions\/39109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/39108"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=39107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=39107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=39107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}