AMINA Bank AG, formerly known as SEBA Bank, is a Swiss-based cryptocurrency bank headquartered in Zug. Established in 2018, it quickly became one of the pioneers in the regulated crypto banking space, securing a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in 2019. The bank positioned itself as a bridge between traditional finance and digital assets, offering services such as asset management, crypto custody, and banking solutions tailored for blockchain and Web3 companies.
However, recent reports suggest that AMINA Bank may now be facing significant financial and operational challenges. According to industry sources, the bank is allegedly up for sale at a sharply discounted price. There is speculation about interest from potential Chinese buyers, although such a sale would require FINMA’s approval — and that is far from guaranteed. The uncertainty appears to have rattled customer confidence, with rumors of increasing withdrawals from the bank’s clients.
If a sale does not materialize, AMINA could face the possibility of being shut down, following the fate of other small Swiss banks recently closed by FINMA. This comes despite AMINA’s efforts to grow and innovate. In late 2023, the bank rebranded from SEBA to AMINA in an attempt to revitalize its image and signal a shift toward global expansion, particularly in the Asia-Pacific region. The move was accompanied by a partnership with CPIC Investment Management (HK), a subsidiary of China’s CPIC Group, to expand its services across Hong Kong and Abu Dhabi.
Still, AMINA has faced criticism for its operational style and internal management. Lavish office spaces and ambitious strategies may have stretched the bank’s resources. High-profile staff departures have also fueled questions about its internal stability. These developments come at a time when FINMA, under new leadership by Stefan Walter, appears to be taking a tougher stance on crypto-related financial institutions.
Opportunities
- Global Crypto Expansion: Despite its current issues, AMINA’s presence in major financial hubs like Switzerland, Hong Kong, and Abu Dhabi puts it in a strategic position to benefit from the global growth of crypto adoption.
- Regulated Niche Market: As one of only two FINMA-regulated crypto banks in Switzerland, AMINA still holds a unique value proposition in a highly specialized market.
- Asia-Pacific Strategy: Its partnership with CPIC and increased focus on the Asia-Pacific market could help unlock new revenue streams, assuming the bank stabilizes.
Risks
- Regulatory Pressure: FINMA’s stricter stance could be a significant hurdle for AMINA, particularly in approving potential acquisitions or allowing continued operations if financial health declines further.
- Loss of Customer Trust: Reports of instability and a potential fire-sale situation can erode confidence, potentially triggering further withdrawals and worsening the situation.
- Competitive Landscape: Competitors like Sygnum Bank may take advantage of AMINA’s vulnerabilities to capture more of the growing crypto banking market.
Conclusion
AMINA Bank stands at a crossroads. On one side, it is a pioneer in regulated crypto banking with a global footprint and ambitious vision. On the other, it faces serious challenges—ranging from regulatory uncertainty and internal management issues to eroding customer trust. Whether AMINA can recover or will follow the path of other failed financial institutions will likely depend on its ability to secure a stable buyer and regain confidence under FINMA’s watchful eye. Investors and observers in the crypto finance space should watch closely—what happens to AMINA may set a precedent for the future of crypto banking in Switzerland and beyond.