Swiss Banks Attract Crypto Firms Amid Industry Turmoil

With major crypto-supportive banks in the US failing, crypto firms are turning to Swiss banks for financial support. Crypto-focused banks in Switzerland are reporting an increase in traffic from American clients, with SEBA Bank experiencing a "pronounced uptick." Arab Bank has also seen an increase in interest from crypto venture capital businesses since early March. However, regulatory issues around onboarding US clients ultimately restrict the bank to absorbing an estimated one or two more firms at most. Some industry leaders suspect that the sudden lack of major crypto banks in the US is a deliberate government attempt to drive the industry from its borders.