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If anyone were to receive the Swiss crypto banking license, it would be the pioneer, Bitcoin Suisse.
A thought. Yesterday everything was different. Finma terminated the Zug company’s license application. You don’t see any chance of a green light, so Bern.
Hammer blow for cryptocurrency creators. They quickly went on the counter offensive. One will now examine all the options and still have the in-country license application in the quiver.
In an interview, boss Arthur Vayloyan said that his Bitcoin Suisse had already been perceived by many as a bank, although he and his team had contributed nothing.
This has become difficult for the banking supervisory authority, according to the former CS and the senior Falcon official. Bitcoin Suisse is practically a victim of its success.
Or his inability to be prepared for the attack.
The whole company has grown too fast, it doesn’t seem to have the processes under control, it can’t make sure the customers are okay.
Meet your client, KYC, the sacred principle of new banking, was increasingly in jeopardy at Bitcoin Suisse. The Bern guards are not amused.
The wave turned into a tsunami when Bitcoin hit the 20,000 mark in late 2020 and skyrocketed toward $ 60,000.
Elon Musk of Tesla, hedge fund luminaries, saw Bitcoin as the new gold, they put their fortune in electronic currency.
Institutional, i.e. companies, PKs, large organizations, jumped on the bandwagon after coming to the conclusion that Bitcoin would be a permanent alternative to all other assets.
Bitcoin Suisse was invaded. Since the outbreak of Covid a year ago, large numbers of new customers have arrived, the workforce has exploded from 130 to 250 employees.
To stop the attack, Vayloyan and his troops increased the minimum amount for a Bitcoin bet to 100,000 francs for individuals and 500,000 francs for businesses.
The braking maneuver helped little. The customer base soared to 8,000.
While Old Banking groans and groans in Paradeplatz, New Banking in Zug collapses from sheer demand.
Vayloyan and his Bitcoin Suisse couldn’t keep up with clean processing and customer wave verification. Now they have to strengthen their internal processes.
Meanwhile, all cryptocurrency fans are convinced of one thing: Bitcoin will continue to rise.
