BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Switzerland Caps Crypto ATM withdrawals to $1k

by Favour Ajibade
May 3, 2022 - 12:00 am
in Blockchain
Switzerland Caps Crypto ATM withdrawals to $1k

The Swiss Financial Market Supervisory Authority, FINMA, is currently considering limiting cryptocurrency anonymous transfers per person to 1,000 Swiss francs ($1,024) per month.

FINMA is the Swiss government agency in charge of financial regulation in Switzerland, including the supervision of banks, stock exchanges and securities dealers, insurance companies, and other financial intermediaries.

Switzerland is one of the top countries in terms of the number of crypto ATMs per capita; the country currently has 143 ATMs, which its citizens use to buy and sell cryptocurrencies such as Bitcoin.

However, the amount of cryptocurrency in which Switzerland citizens can anonymously transfer to make a payment or withdraw will be limited soon as the Swiss Financial Market Supervisory Authority has begun making moves to change one of its cryptocurrency regulations to limit anonymous payment limit to 1000 francs per month.

In contrast to anonymous cash transfers, anyone can anonymously pay up to 15,000 francs per month as cryptocurrency is increasingly being incorporated into illegal businesses, especially drug trafficking.

According to Spokesman Tobias Lux, the plan to amend the ordinance was prompted by articles on drug trafficking published on the Internet by Swiss media. The most notable is a three-part report on social media drug trafficking (drug ring business model) published on April 1 by 20 minutes, a free daily newspaper, on how easy it is to order drugs on Instagram and pay conveniently with cryptocurrencies. Payment is sometimes made using a Crypto ATM.

As a result, the Swiss Financial Market Supervisory Authority is revising its regulations to prevent illegal transactions, especially drug trafficking using cryptocurrency.

Although no final decision on the adjustment has been made, as emphasized by Lux, interested parties will be consulted by May 10, 2022, to make a final decision. Many have criticized FINMA’s plan to limit Crypto ATM anonymous withdrawal and payments, claiming that cryptocurrencies would be significantly disadvantaged compared to cash because the limit on anonymous cash transfer is much higher than the proposed crypto payment or withdrawal limit.

Tags: ATMSwitzerland
Favour Ajibade

Favour Ajibade

Favour Ajibade is a content writer and crypto lover from Nigeria who is passionate about introducing Web3 and cryptocurrency-based technologies to the world through writing. He was first introduced to crypto in 2020 and was immediately intrigued. He is a student biomedical researcher and enjoys spending his free time reading and learning new things.

Related Posts

Brazil applies new flat crypto tax rate of 17.5% to all digital asset gains

Brazil Ends Crypto Tax Exemption, Imposes Flat 17.5% Rate on All Gains

June 16, 2025

Brazil scraps crypto tax break, enforces 17.5% flat rate on all gains, including self-custody and offshore holdings, starting...

KamAZ truck containing crypto mining rigs and transformer seized by Russian authorities

Russian Authorities Bust Truck-Based Crypto Mine Draining Village Power

June 14, 2025

Russian officials dismantled a crypto mine inside a truck stealing village power in Buryatia—marking the sixth illegal case...

Huione crypto laundering network continues operating despite FinCEN sanctions, with increasing transaction volume

Huione Crypto Laundering Network Thrives Despite Shutdown and Sanctions, Chainalysis Reports

June 13, 2025

Chainalysis reveals Huione's crypto laundering network remains active and growing post-sanctions, defying shutdown claims and U.S. regulatory action.

FSB Chair Klaas Knot speaks in Madrid on crypto's growing risks

FSB Warns Crypto Nearing ‘Tipping Point’ as Stablecoins Deepen TradFi Ties

June 12, 2025

FSB warns crypto could soon pose systemic risks as ETFs and stablecoins deepen its integration into traditional finance...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise