The Seychelles Financial Services Authority issued a public statement notifying that BTSE Holding Limited, trading as BTSE, has had its application for approval as a virtual asset service provider rejected under the Virtual Asset Service Providers Act 2024, and was instructed to cease all operations immediately or migrate its services out of the jurisdiction. The statement was issued under section 28 of the Financial Services Authority Act 2013. It specifies that the VASP application was submitted on 31 December 2024 and was rejected as of 24 July 2024. BTSE Holding Limited also informed the Authority that it had been acquired by BTSE GLOBAL LIMITED SOCIEDAD DE RESPONSABILIDAD LIMITADA, a Costa Rica-incorporated entity, and that effective 2 July 2025 all users previously serviced by BTSE Holding Limited were migrated to the Costa Rica company.
Seychelles Financial Services Authority 2025-09-17
Seychelles Financial Services Authority rejects BTSE Holding Limited VASP application and orders it to cease operations or migrate services out of Seychelles
The Seychelles Financial Services Authority rejected BTSE Holding Limited's application to operate as a virtual asset service provider under the Virtual Asset Service Providers Act 2024, instructing it to cease operations or relocate. The application was submitted on 31 December 2024 and rejected on 24 July 2024. BTSE Holding Limited has since been acquired by BTSE GLOBAL LIMITED SOCIEDAD DE RESPONSABILIDAD LIMITADA, with user migration to the Costa Rica entity completed by July 2025.