Switzerland's Financial Market Supervisory Authority — the country's principal financial regulator — has made an "unfavorable prognosis" regarding Bitcoin Suisse's application for a banking license.
According to an official announcement on March 17, Bitcoin Suisse's current application is ineligible for approval on the grounds that "various elements that are relevant under licensing law make it unlikely that a license will be granted." As such, Bitcoin Suisse has decided to withdraw its application.