Bitcoin Suisse to Cut Up to Half of Swiss Jobs as It Shifts Operations Abroad

The Swiss crypto financial services firm is closing its Copenhagen IT hub and moving back-office functions to Bratislava and a new Vietnam site to reduce costs while expanding wealth management.

Bitcoin Suisse, one of Switzerland's oldest and most established crypto financial services firms, is planning to eliminate up to 50% of its Swiss workforce as part of a major restructuring aimed at cutting costs and shifting operations to lower-wage countries. The move marks a significant shift for a company long synonymous with Switzerland's crypto-friendly regulatory environment.

According to Swiss financial publication Finews, the company is closing its Copenhagen IT operations entirely while maintaining and expanding its Bratislava hub and opening a new back-office center in Vietnam. The restructuring will see many functions previously handled by highly-paid Swiss employees transferred to these international locations where labor costs are substantially lower.

The decision comes as Bitcoin Suisse seeks to expand its global wealth and asset management business while facing pressure to improve profitability in an increasingly competitive market. Switzerland's high cost of living and wages—among the world's highest—have made it difficult for crypto firms to compete with rivals operating from jurisdictions with lower overhead.

Bitcoin Suisse has not disclosed exact headcount numbers, but the company employs several hundred people in Switzerland. A cut of up to 50% would represent one of the largest layoffs in the Swiss crypto sector and could affect dozens or even hundreds of employees. The firm has been expanding its institutional services and wealth management offerings, which typically require fewer staff than retail-focused operations.

The restructuring reflects broader trends in the global crypto industry, where firms are consolidating operations and moving to cost-efficient jurisdictions after the sector's explosive growth during the 2020-2021 bull market gave way to more challenging conditions. Even well-established players are now scrutinizing their cost structures and operational footprints.

For Switzerland, the move raises questions about whether the country can maintain its position as a leading crypto hub when operational costs make it difficult for firms to compete globally. While Switzerland's regulatory clarity and stability remain attractive, companies are increasingly weighing these benefits against the significantly lower costs available in Eastern Europe and Asia.

Employees affected by the cuts are likely to receive severance packages in line with Swiss labor law, which provides strong protections for workers. The company has reportedly begun internal consultations about the restructuring, though final numbers have not been announced. Bitcoin Suisse continues to maintain its Swiss headquarters and licensing, but the operational center of gravity is clearly shifting abroad.