Share this article
Bitcoin Suisse Pulls Banking License Application After Negative Feedback
FINMA cited money-laundering defense "weaknesses" as one reason for the license denial.
Updated Sep 14, 2021, 12:27 p.m. Published Mar 17, 2021, 11:34 a.m.
Cryptocurrency trading platform Bitcoin Suisse AG withdrew its application for a Swiss banking license after being told it was unlikely to be approved.
STORY CONTINUES BELOW
- According to the the Swiss Financial Market Supervisory Authority (FINMA), the Zug-based financial services providers' application is ineligible for approval, the regulator announced Wednesday.
- Providing few details, FINMA cited a number of "elements that are relevant under licensing law," such as "weaknesses in money-laundering defense mechanisms," as the reason for the negative feedback.
- As a result, Bitcoin Suisse indicated it would not be continuing with its application at the present time, the regulator said.
- The company applied for a banking license in July 2019.
- The firm raised more than CHF 45 million (US$48.5 million) in Series A funding in July 2020, which it claimed pushed its valuation to CHF 302.5 million ($327 million).
CORRECTED (March 22, 14:14 UTC): Makes clear that the company withdrew its application after being told it was unlikely to be approved and that the application was not rejected.)
See also: Switzerland’s ‘Crypto Valley’ Has Started Accepting Bitcoin, Ether for Tax Payments
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
Top Stories
