Zug August 7th 2019
Bitcoin Suisse has increased its bank guarantee for depositors from USD 45m to USD 55m. As per article 5 section 3 lit. f Banking Ordinance, holding public deposits for clients without a banking license is subject to an equal or greater size Swiss bank guarantee, securing such deposits in case of a default.
Bitcoin Suisse, which is under application for a Swiss banking license as well as a Swiss securities dealer license, has thus deposited funds at Swiss bank(s) return for an equal size bank guarantee, covering clients holding public deposits at Bitcoin Suisse as the beneficiaries.
Due to an increased balance sheet in recent months, Bitcoin Suisse has as of 5th August, increased its bank guarantee with USD 10m, from USD 45m to USD 55m, 100% securing all fiat and pooled crypto public deposits of its clients.
The CEO of Bitcoin Suisse, Dr. Arthur Vayloyan, states: “Swiss banking law demands that companies holding deposits for clients have a banking license – or a default bank guarantee, covering all public deposits of its clients. At Bitcoin Suisse, we have taken the necessary proactive step of increasing our bank guarantee to be prepared for meeting a projected increase in the demand for our services and thus an ever-growing balance sheet.”
The increase in the size of the bank guarantee is effective immediately and is with some margin the largest such bank guarantee for any Swiss crypto asset broker and digital asset trading platform.