FINMA, or the Swiss Financial Market Supervisory Authority, has presently rejected the banking license of crypto firm Bitcoin Suisse AG. As per the sources, Bitcoin Suisse AG, the Zug-based financial intermediary, had applied for a banking license back in 2019, after which the markets watchdog found the application to be ineligible for approval. Reportedly, there were indications of weakness in the money laundering defense mechanism, stated FINMA.