(MENAFN- Swissinfo) Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator.
This content was published on March 17, 2021 - 12:02 March 17, 2021 - 12:02 Matthew Allen
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
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'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,' the company said in a statement on Wednesday.
The Swiss Financial Market Supervisory Authority (FINMA) said there were 'various' reasonsExternal link for telling told Bitcoin Suisse that its license application is currently 'ineligible for approval and that the prognosis is unfavourable. Among other things there are indications of weaknesses in the money laundering defence mechanisms.'
The setback is a blow to Bitcoin Suisse's growth ambitions, particularly in the nascent market for digital securities. FINMA granted banking licenses to two rivals , Sygnum and SEBA in 2019, the same year that Bitcoin Suisse submitted its own (now failed) application .
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