Swiss financial regulators strengthen oversight of Swissquote, requiring a reduction in the number of suspicious transaction reports

ChainCatcher news, according to Bloomberg, the Swiss Financial Market Supervisory Authority (Finma) has recently intensified its regulatory scrutiny of Switzerland's largest consumer trading platform, Swissquote Group Holding SA, requiring it to take more effective measures to reduce suspicious activities.

According to Swissquote CEO Marc Buerki, Finma explicitly instructed the company to reduce the number of reports submitted to the Swiss Anti-Money Laundering Reporting Office in its annual assessment letter earlier this year. This move is a regulatory action in response to the recent surge in fraud attempts and hacking attacks faced by the platform. Notably, as one of the traditional financial institutions in Switzerland that offered cryptocurrency trading services early on, this increased regulation may impact Swissquote's compliance requirements across all its business areas, including cryptocurrency.