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Swiss watchdog rejects banking licence for Bitcoin Suisse

·1-min read

ZURICH (Reuters) - The Swiss Financial Market Supervisory Authority (FINMA) has informed Zug-based financial intermediary Bitcoin Suisse AG that it considers its 2019 application for a banking licence to be ineligible for approval, the markets watchdog said on Wednesday.

"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.

Bitcoin Suisse AG has now informed FINMA that it is withdrawing the application for a banking licence at the present time. FINMA is therefore terminating the licensing procedure," FINMA added https://www.finma.ch/en/news/2021/03/20210317-mm-btcs in a statement.

(Reporting by Michael Shields, editing by Louise Heavens)