On 1 August 2017 the new version of the Banking Ordinance entered in force.
The new Ordinance is aimed at reducing the barriers that restrict market access for fintech companies, like Bitmaxs BitIncubator & Ventures SA with the following two measures:
1. Entity may accept deposits from the public without any restrictions if the assets are used within 60 days for the execution of the transaction requested by the customer (buying bitcoins);
2. If the transaction is not completed within 60 days, the entity can always accept assets up to CHF 1 million, provided depositors are informed that the entity is not monitored by FINMA and is not subject to the deposit guarantee.
This conditions are indicated in our Terms & Conditions.
Bitmax can therefore legally accept your assets if you use it within 60 days or up to CHF 1 Mil (in total). This thresholds are verified by our team and we will contact you if they are exceed.