[Joa]

According to the answer given by the Swiss Banking Commission today, there has been no banking license issued and none is in the works for Crown Forex.
Fact is that the laws have changed for Forex brokers on April 1, 2008 (no kidding here) with a transition period of one year - and Crown Forex has until March 31st, 2009, to comply. On this date the transition period ends and they need a license, not as a bank, but they be treated like a bank and are under supervision and regulation.
I believe this is what Crown Forex refers to when they say they applied for a private bank license - it appears to be nonsense because the law forces the license as a financial intermediary upon them. They MUST have a license to act as a Forex broker and that is all there is to it. Naturally, the supervision will be tough, books must be opened and audited by a Auditor accepted and recognized by the authorities.
This may explain why the last Auditor resigned and why there is such a mess.
This new regulation for Forex Brokers may put a few of them out of business in Switzerland. If the books do not live up to standard, there won't be a license.......