Why do banks close accounts to mining startups?

According to Lars Schlichting, a blockchain lawyer, the problem is widespread. Swiss banks are wary of anything that is non-traditional, including new companies and startups, and are not limited to the crypto sector. This attitude creates serious operational difficulties, preventing companies from collecting payments, paying salaries or suppliers, paradoxically pushing companies towards foreign banks or alternative instruments.

What are the practical difficulties encountered by a mining startup?

A Ticino entrepreneur, owner of a company that manages real estate and mining activities, has seen his banking relationship interrupted. With an investment of about 130,000 francs in ASIC machinery, the monthly production of 0.1 Bitcoin (worth about $6,500) faces electric costs of $5,000. The closure of bank accounts blocks company operations, making it impossible to manage the cash flows necessary for the continuity of the company.

What do experts recommend to startups in a banking crisis?

It is advisable to analyse the bank's reasons and, if necessary, consult a lawyer experienced in banking and financial law. It is essential to maintain complete documentation of each operation to ensure maximum transparency and traceability. Alternatively, startups can explore online payment services or foreign banks that are more open to crypto-related activities, always keeping up to date with current regulations.

Crypto startups and banks: increasingly difficult to operate (cross-border guide)

Di Redazione Frontaliere Ticino · Published on 7 September 2026

A Bitcoin mining company in Lugano is seen closing bank accounts. Swiss banks are undermining digital innovation.

Context

In a nutshell

A Swiss Bitcoin mining startup faces operational block caused by bank de-risking.
The inconsistency between the Crypto Nation strategy and the daily banking reality paralyzes innovation.
Despite the ambition of the blockchain hub, Lugano struggles to mediate between institutions and operators.

Key facts

What: Forced closure of company accounts for mining activities.
When: Q3 2024.
Where: Lugano and Canton Ticino.
Who: Double-licensed startups (real estate and mining).
Impact: Total stagnation of cash flows.

The story of S. reflects a deep fracture in the Swiss financial landscape. His company, active in real estate and Bitcoin mining, clashes with the strict compliance protocol of cantonal and national banks. Mining, conceived as a reserve of strategic liquidity, has become the Achilles heel of its banking operations.

Technically, mining is based on ASIC hardware. With an investment of 130,000 francs, S. generates about 0.1 BTC per month (current value of about 6,500 USD), against energy expenses of 5,000 USD. The margin, albeit volatile, is traceable. However, banks apply de-risking policies that do not distinguish between illicit activities and transparent industrial mining.

“I've always handled everything transparently, but the banks closed the accounts without appeal, making it impossible to pay suppliers and salaries.”

The paradox is exacerbated by the law

Operational details

Practical Analysis

The difficulties encountered by S. are not an isolated case but reflect a systemic criticality that affects the entire Swiss ecosystem. Lars Schlichting, an expert blockchain lawyer, confirms that the banking blockade does not only affect mining but stifles the entire innovative entrepreneurship. Often, banks open the constitution account, necessary for the deposit of the minimum share capital of 100,000 francs for a SA, but deny the transformation into an operational account. This stalemate forces startups to migrate to foreign neobanks, such as Revolut or Wise, weakening domestic financial control.

"Banks are afraid of what is not traditional, inadvertently favoring the flight of capital abroad."

Implications for Startups

Lorenzo Ambrosini, director of the Agire Foundation, emphasizes that the lack of a financial history makes young companies high risk for traditional institutions. The situation is particularly tense in innovation hubs such as Ticino or the Canton of Zug, where the concentration of cryptographic companies is high.

📊 Practical Scenario: The Cost of Exclusion

A startup that does not obtain a bank account in Switzerland within 30 days of its constitution suffers operational delays that can cost between 5,000 and 15,000 francs in extra legal consultations. In comparison, a startup that accesses traditional bank credit incurs annual management costs of approximately 1,200 francs.

💡 Operational Checklist for Startups

…

Key points

Action

If your startup comes up against the refusal of traditional institutions to open accounts, don't just wait. Analyze the technical reasons: often the problem lies in a risk profile that does not comply with the FINMA standards updated to 2021 on the fight against money laundering. Consult a legal expert in Swiss banking law to draw up an opinion on the compliance of your transactions. Explore local alternatives such as innovation-oriented cantonal banks (e.g. Zug or Geneva) or specialist institutions such as Sygnum or SEBA, which offer dedicated accounts with initial deposit thresholds often exceeding CHF 50,000.

Document transparency is the best defense against unilateral closure of accounts.

Document every operation with Swiss precision. If you operate in Zug's Crypto Valley, make sure your audit is certified by local auditors. Keep an up-to-date record of transactions to avoid budget holds.

Tools and operational checklists

To manage complexity, follow these steps:

Verifies AML/KYC compliance according to FINMA 2016/7 directives.
Compare exchange rates on specialized portals to optimize liquidity in CHF/EUR.
Use tax calculators to estimate the impact of the pre-tax (35%) on any returns.

Startup 📊 Checklist: 1. Compliance risk analysis (External audit). 2. Periodic reporting for credit institutions. 3. Diversification on

Source: tio.ch

Frequently Asked Questions

Why do banks close accounts to mining startups?: According to Lars Schlichting, a blockchain lawyer, the problem is widespread. Swiss banks are wary of anything that is non-traditional, including new companies and startups, and are not limited to the crypto sector. This attitude creates serious operational difficulties, preventing companies from collecting payments, paying salaries or suppliers, paradoxically pushing companies towards foreign banks or alternative instruments.
What are the practical difficulties encountered by a mining startup?: A Ticino entrepreneur, owner of a company that manages real estate and mining activities, has seen his banking relationship interrupted. With an investment of about 130,000 francs in ASIC machinery, the monthly production of 0.1 Bitcoin (worth about $6,500) faces electric costs of $5,000. The closure of bank accounts blocks company operations, making it impossible to manage the cash flows necessary for the continuity of the company.
What do experts recommend to startups in a banking crisis?: It is advisable to analyse the bank's reasons and, if necessary, consult a lawyer experienced in banking and financial law. It is essential to maintain complete documentation of each operation to ensure maximum transparency and traceability. Alternatively, startups can explore online payment services or foreign banks that are more open to crypto-related activities, always keeping up to date with current regulations.