Bitcoin Suisse Seeks Banking License In Switzerland

Bitcoin Suisse Seeks Banking License In Switzerland

Bitcoin Suisse Seeks Banking License In Switzerland

Bitcoin Suisse, a Swiss crypto broker has applied for banking and securities dealer licenses from Switzerland’s finance regulator. The company confirmed this via a press release today July 16th.

Bitcoin Suisse, which forms part of the country’s Crypto Valley Association, said it had submitted requests to the Swiss Financial Markets Supervision Authority.

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It said it is in order to adapt to a rapidly-changing regulatory landscape with regards to cryptocurrencies in Switzerland.

The press release stated “These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services,”

The company also revealed it had deposited 45 million Swiss francs ($45.7 million) with an unnamed local institution, “as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.”

According to the press release, the figure would soon reach 55 million francs ($55.8 million).

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