Bitcoin Suisse to withdraw application for a Swiss banking license subject to re-application
Mar 17, 2021
Zug, March 17, 2021 – Following a review the Board of Directors of Bitcoin Suisse today announced to withdraw the application for a Swiss banking license for the time being but will reconsider such application after having implemented measures that respond to the strong growth of its business. Bitcoin Suisse submitted an application for a Swiss banking license in July 2019. Preliminary results for the full year 2020 show the robustness, growth dynamics and profitability of Bitcoin Suisse.
After feedback from FINMA indicating that the application of Bitcoin Suisse for a Swiss banking license would not be ready to be approved in due course, the Board of Directors has decided to withdraw the application for the time being but reserved its decision to re-apply. The application process has shown the need for further reviews of the anti-money laundering framework and potential enhancements. Bitcoin Suisse has initiated the respective projects which, however, need more time than anticipated.
Strong revenue growth and profitability
The robustness, growth dynamics and profitability of the Bitcoin Suisse business model are evidenced by the performance in 2020. Bitcoin Suisse expects revenues for the full-year 2020 to be in excess of CHF 45 million and net profit for 2020 in excess of CHF 15 million. Client activity for January and February 2021 was again very high and indicates sustained strong momentum. Audited results for the full-year 2020 will be published ahead of the Annual General Meeting in June 2021.