Switzerland-based Bitcoin Suisse targets banking license

Posted 16 July, 2019

Bitcoin Suisse, a crypto broker in Switzerland, reportedly filed an application for a licence with FINMA targeting the status of banking and securities dealer in the country. The announcement was made in the company press release July 16.

According to the report, the company explained this move by intentions to keep up with developing financial market and changing regulatory environment in the cryptocurrency segment. For that purpose, Bitcoin Suisse has submitted a license application to the Swiss Financial Markets Supervision Authority. 

"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," reads the press release.

On its pass to the license, the company took certain important steps striving to boost its chance for the positive determination of the regulator. In particular, it deposited CHF 45 million with a local bank as "collateral for a default bank guarantee, securing client fiat deposits and crypto deposits".

Along with this, the company managed to expand its offering this year. As a result, the number of trading pairs exceeds 6,000 in total. At the same time, its storage service Swiss Crypto Vault AG reportedly became one of the major and the safest B2B provider of crypto storage.

For reference, Bitcoin Suisse was founded in 2013 and became a part of Switzerland's Crypto Valley Association.

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