FINMA Enforcement Dashboard
The FINMA Enforcement Dashboard tracks regulatory actions by the Swiss Financial Market Supervisory Authority against blockchain and digital asset companies. Data is sourced from FINMA’s published enforcement reports, press releases, and annual reports. The dashboard covers investigations, warnings, license revocations, and financial sanctions related to unauthorized banking, securities dealing, and AML/KYC violations in the crypto sector.
Recent Enforcement Statistics
FINMA’s most recent enforcement report disclosed 235 investigations relating to unauthorized acceptance of public deposits and 232 investigations into unauthorized financial intermediation. While these figures cover all financial sectors (not exclusively crypto), blockchain-related enforcement has constituted an increasing share of FINMA’s caseload since 2019. Total fines across all enforcement categories exceeded CHF 100 million.
Notable Crypto-Related Enforcement Actions
Dohrnii Foundation: FINMA took enforcement action against the Dohrnii Foundation for unlicensed securities and banking activities. The case involved the foundation’s token offering, which FINMA classified as constituting both unauthorized public deposit-taking and unlicensed securities dealing. This action demonstrated that blockchain foundations structured under Swiss foundation law are not exempt from FINMA enforcement if their token activities trigger regulatory requirements.
Unauthorized Exchanges: FINMA has issued multiple warnings and enforcement actions against entities operating crypto exchange services from Switzerland without required SRO membership or FINMA licensing. Under the AML/KYC framework, entities that exchange crypto for fiat or vice versa are financial intermediaries subject to AMLA — operating without compliance is a criminal offense.
ICO Enforcement: Several ICO issuers that sold tokens classified as securities under FINMA’s token classification without prospectus compliance or appropriate licensing have faced enforcement actions. The January 2024 Federal Administrative Court ruling on pre-functional utility tokens has expanded the scope of potential ICO-related enforcement by reclassifying pre-functional utility tokens as securities.
Enforcement Trends
FINMA’s enforcement approach has shifted from primarily reactive (responding to complaints and market events) to proactive (monitoring market activity and initiating investigations based on surveillance). The introduction of the UBO register and enhanced AML reporting requirements has provided FINMA with additional data streams for identifying potential violations.
Enforcement intensity correlates with market cycles — FINMA investigations increase during and after bull markets when token offerings proliferate and retail investor exposure expands. The regulatory framework continues to expand: when the proposed payment institution and crypto institution licenses take effect, FINMA will have additional enforcement authority over previously ungoverned activities.
For the regulatory framework that drives enforcement, see our Swiss regulation section. For entity profiles of regulated companies, visit Crypto Valley. For DAO governance implications of enforcement risk, explore our governance analysis. For DeLi Act compliance requirements, see our regulatory coverage. Contact info@suissedao.com for custom enforcement data queries. Premium subscribers receive early access to enforcement analysis.