Crypto financial services Bitcoin Suisse AG has submitted an application to the Finma (Swiss Financial Markets Supervision Authority) for a Swiss banking licence according to the Swiss Banking Act Art. 1a, combined with an application for a securities dealer licence, regulated under the Stock Exchange and Securities Trading Act (SESTA).
These licences would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a key provider of crypto financial services. Bitcoin Suisse is adapting to a changing regulatory landscape, where more and more crypto assets and services fall under securities and banking law.
Earlier this year, Bitcoin Suisse published financial results for the first time, reporting revenues of CHF 44m, a net income of CHF 25m and total equity of CHF 50m for 2018. The equity of Bitcoin Suisse is projected to further grow in 2019.
It has placed CHF 45m (soon to be extended to CHF 55m) with a Swiss bank, as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.
In 2019 Bitcoin Suisse has expanded its offering to 125 tradable crypto assets for a total of more than 6000 trading pairs. Further, it started providing large scale crypto asset collateralized lending/credit to private and institutional clients. In 2019, the number of banks and institutional clients served by Bitcoin Suisse with prime brokerage, anti-money laundering services and blockchain analysis, has increased substantially.
In the last two years, Bitcoin Suisse has grown to more than 90 experts with a unique combination of crypto, IT, banking, and regulatory know-how and experience. Bitcoin Suisse continues to attract exceptional talent thanks to its strong market position and financial strength.
Bitcoin Suisse added a Liechtenstein office to its group and is now represented with offices in Zug, Copenhagen, and Vaduz.