Foreign media: US encryption company is seeking Swiss bank partners

It is reported that some encryption companies in the United States are trying to open accounts in Swiss banks. Previously, two American banks focusing on cryptocurrencies failed, making it more difficult for them to use American loan institutions. But bankers said that Swiss companies might not accept these accounts.

Interpretation of this information:

The news report reveals that encryption companies in the United States are attempting to create accounts in Swiss banks. The reason for this is due to the previous failure of two American cryptocurrency-focused banks. This has made it harder for them to use United States loan institutions. However, bankers are suggesting that it is unlikely that Swiss companies will accept these accounts.

The move to create accounts in Swiss banks by United States encryption companies is a result of the failure of American cryptocurrency banks. The high degree of risk associated with dealing in cryptocurrencies has made it difficult for American banks to continue their operations. This situation has led to a shift in the approach of these companies, who are hoping to access the much looser banking norms in Switzerland.

The United States is the biggest market for cryptocurrencies like Bitcoin. However, as the industry continues to struggle with regulation in the U.S., companies are finding it hard to manage their finances. Swiss banks, on the other hand, offer banks that deal in cryptocurrencies much more freedom to operate, as they are not constrained by local laws and regulations. The allure of this freedom has attracted many encryption companies to seek accounts with Swiss banks.

However, bankers in Switzerland have been quick to point out that opening accounts for American encryption companies might not be as easy as they hope. The reasons for this have not been fully explained yet, but it could be due to the strict regulations in Switzerland that are aimed at combating money laundering and other corrupt activities.

In conclusion, the news report highlights the ongoing struggle of US encryption companies to manage their financials. The industry is facing a tough regulatory environment that makes it difficult for banks to support their operations. In response, US companies have shifted their focus to Swiss banks which offer a more relaxed environment for operations. However, it remains to be seen whether Swiss banks will accept the requests of the US companies.