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Sunday, May 16, 2021

Bitcoin Suisse Pulls Bank Application Amid Regulatory Concerns

Bitcoin Suisse Pulls Bank Application Amid Regulatory Concerns

Crypto broker Bitcoin Suisse AG withdrew its application for a banking license in Switzerland after regulator Finma flagged potential weaknesses in the firm’s money laundering defense mechanisms.
“The application process has shown the need for further reviews of the anti-money laundering framework and potential enhancements,” Bitcoin Suisse said in a statement Wednesday, adding that it may re-apply at a later date. The company is still considering applying for a European banking license, Chief Executive Officer Arthur Vayloyan, a former Credit Suisse Group AG banker, said by phone.
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