The logo for Diem, formerly known as Libra, is seen is displayed on a smartphone screen with a Facebook logo in the background.
Pavlo Gonchar | SOPA Images | LightRocket via Getty Images
LONDON — Facebook-backed digital currency project Diem said Wednesday it has withdrawn its application for a Swiss payment license and will instead shift its operations to the United States.
The Diem Association, which oversees development of the Diem digital currency, had been pursuing a payment system license with Switzerland’s FINMA watchdog. Diem has now dropped plans to secure Swiss regulatory approval, while its U.S. subsidiary has partnered with Silvergate, a California state-chartered bank, to…