Crypto broker Bitcoin Suisse AG withdrew its application for a banking license in Switzerland after regulator Finma flagged potential weaknesses in the firm’s money laundering defense mechanisms.
“The application process has shown the need for further reviews of the anti-money laundering framework and potential enhancements,” Bitcoin Suisse said in a statement Wednesday, adding that it may re-apply at a later date. The company is still considering applying for a European banking license, Chief Executive Officer Arthur Vayloyan, a former Credit Suisse Group AG banker, said by phone.