Bity filed a lawsuit against FINMA

Bity is a cryptocurrency brokerage company. She sent a complaint to the court against FINMA, as unreasonable limits were set on transactions with cryptocurrencies. The action takes place in Switzerland.

What is known at the moment

FINMA is the Swiss financial market transaction supervision authority. The company stated that it filed a lawsuit against the regulator in order to raise funds for legal costs.

The broker was able to challenge the monthly restrictions, which amounted to about $ 1,152 for transactions with digital assets for users who did not pass the verification procedure. Note that before that the limit was higher — 5762 dollars.

The regulator is not fighting as significantly as the SEC office. However, it acts insidiously. He uses soft power to make adjustments to the law through an undemocratic way. This needs to stop. This statement was made by the broker.

It should be noted that last autumn it decided to revise the rules related to the fight against money laundering. Then she deposited cryptocurrencies in them. At the same time, I reduced the minimum size for transactions for clients who have not passed KYC.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.