Crypto-financial service provider Bitcoin Suisse has announced the withdrawal of its application for a banking licence in Switzerland.

The decision was taken after Swiss financial regulator Finma indicated that the application will likely get rejected due to weaknesses in the firm’s anti-money laundering framework.

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In a statement, Bitcoin Suisse said that it is withdrawing the application temporarily and reserves its decision on reapplication.

The company applied for the banking licence in July 2019.

“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”, the statement added.

In a separate statement, Finma said that it is terminating the licencing procedure as Bitcoin Suisse informed the regulator about the withdrawal.

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The company aimed to increase its footprint as a crypto financial services provider by securing the banking licence.

Bitcoin Suisse is a financial intermediary and focuses on cryptocurrency business. It is supervised by an anti-money laundering self-regulatory organisation.

The company expects to report a full-year revenue of more than CHF45m ($48.44m) in 2020.

The net profit is expected to be in excess of CHF15m ($16.15m).

The audited results for the full-year 2020 are slated to be published ahead of the Annual General Meeting in June 2021.