Overview
- France’s AMF granted SwissBorg MiCA authorization that covers custody, administration, order execution, transfers, portfolio management and advisory services.
- SwissBorg will migrate European operations from its Estonian entity to a newly authorised French CASP in the coming months, with a gradual transition.
- The company plans initial expansion efforts in Germany, the Netherlands, Italy and Spain once operational readiness is confirmed.
- COO Jeremy Baumann says higher compliance costs and controls under MiCA could thin the EU market, leaving fewer but more resilient players, citing Gemini’s exit.
- SwissBorg reports roughly one million registered users, about $1.3 billion in AUM and around $800 million in TVL, and previously disclosed a 192,600 SOL exploit tied to a partner’s compromised API.