Bitcoin Suisse is replacing the top executives overseeing its legal, compliance, and risk practices. These areas were at the center of the Swiss crypto broker's stymied attempts to become a bank.
Zug-based Bitcoin Suisse is replenishing its ranks after a painful setback in March to efforts to win a banking license in Switzerland. It will replace two top executives and add a third, taking its top management team to 17 men.
The eight-year-old firm is strengthening its defenses with a new risk and compliance chief, Sven Ramspott (pictured below), from September 1, as well as with a new legal head, Ricardo Schlatter, from November 1, it said in a statement on Wednesday.
Strengthening Defenses
Both appointments are highly noteworthy as Bitcoin Suisse's potential regulator in March identified «indications of weaknesses in the money laundering defense mechanisms» in signaling it would turn down the company's application for a banking license.
Ramspott is a former Credit Suisse risk manager who has advised Bitcoin Suisse on anti-money laundering and compliance practices for the last six months as an independent contracter. Schlatter (pictured below) is currently the senior legal counsel of SDX, the Swiss exchange's pending digital exchange.
Risk chief David Riegelnig and legal counsel Lars Hodel will step down, though continue to advise the company from outside. Cédric Mosimann, a senior legal adviser who isn't part of top management, will become Bitcoin Suisse's company secretary.
In Search Of Alternatives
This renewal of its top echelon comes at Bitcoin Suisse searches for an alternative route following the regulatory setback in March. Unlike crypto banks Seba and Sygnum, Bitcoin Suisse is hugely profitable – its net profit surged to 24.1 million francs ($26.1 million) last year – as well as flush with cash to finance its plans.
The company also said it is appointing Peter Camenzind (pictured below) as operating chief, effective November 1 Camenzind is currently head of platforms and services at Vontobel, a private and investment bank in Zurich.
M&A, Partnerships
Camenzind's job will bundle product development, technology, payments, and middle-office functions, Bitcoin Suisse said. Bitcoin Suisse doesn't currently have an operating chief, though finance chief, Rolf Gaetzi has an «operations» part of his role.
«The next stage of growth will also require the further expansion of our robust and scalable risk and compliance organization, as well as a comprehensive assessment of the rapidly changing legal and regulatory landscape and of the prevailing conditions for mergers and acquisitions and partnerships,» CEO Arthur Vayloyan said.
