According to a lawsuit, the Swiss banking authority FinMa has abused its authority by secretly instructing SROs to implement monthly 1000 CHF no-KYC limits.
- A leaked email from the Swiss banking authority FinMa shows that the agency instructed independent regulatory bodies to implement a monthly 1.000 CHF limit to no-KYC Virtual Asset Service Providers
- FinMa has abused its authority by attempting to regulate the Swiss cryptocurrency market in secret, a lawsuit claimed
- FinMa has since officiated its guidance, but has failed to present evidence of the need for the new rule to prevent money laundering
Cryptocurrency brokers across Switzerland have announced the implementation of a new regulatory limit for no-KYC purchases, from 1.000 CHF per day down to 1.000 CHF per month.
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