Cryptocurrency trading platform Bitcoin Suisse AG withdrew its application for a Swiss banking license after being told it was unlikely to be approved.

According to the the Swiss Financial Market Supervisory Authority (FINMA), the Zug-based financial services providers' application is ineligible for approval, the regulator announced Wednesday.Providing few details, FINMA cited a number of "elements that are relevant under licensing law," such as "weaknesses in money-laundering defense mechanisms," as the reason for the negative feedback.As a result, Bitcoin Suisse indicated it would not be continuing with its application at the present time, the regulator said.The company applied for a banking license in July 2019.The firm raised more than CHF 45 million (US$48.5 million) in Series A funding in July 2020, which it claimed pushed its valuation to CHF 302.5 million ($327 million).

CORRECTED (March 22, 14:14 UTC): Makes clear that the company withdrew its application after being told it was unlikely to be approved and that the application was not rejected.)

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