According to insiders cited by CNBC, Swiss banks are experiencing a surge in requests for banking services from cryptocurrency companies based in the United States.
The collapse of American banks Silvergate and Signature Bank has led to an unnamed Swiss banking institution receiving a massive increase in daily requests, with the situation being described as “crazy.” SEBA Bank and Sygnum Bank, both of which have obtained Swiss banking and capital market licenses, have also reported a noticeable increase in requests from crypto firms.
Although the banks declined to provide an official comment, they confirmed that there has been a significant influx of customers from the US.
Experts believe that Switzerland’s acceptance of digital assets as a legitimate part of the financial system has influenced the preference of crypto industry participants.
Additionally, the creation of a special region called “Crypto Valley” in the canton of Zug, where tax incentives and favorable conditions for blockchain companies have been introduced, could also be a contributing factor.
This shift in preference could be due to the vagueness of cryptocurrency regulations in the US and the inconsistent actions of its authorities.