Swiss Regulator Shutters Crypto-Linked FlowBank, Begins Bankruptcy Process
Powered by @unfolded- FlowBank, an online Swiss bank that offered exposure to crypto, has been shut down and put into bankruptcy by Switzerland's financial regulator, FINMA.
- FINMA stated that FlowBank no longer had sufficient capital for its operations as a bank and had breached minimum capital requirements.
- Walder Wyss, a Swiss law firm, has been appointed as bankruptcy liquidators for FlowBank.
- FlowBank customers with up to 100,000 Swiss francs in deposits are considered protected and will receive their money back, but the future of customers' crypto deposits is uncertain.