Swiss regulators shut down cryptocurrency-related bank FlowBank and initiated bankruptcy proceedings
ChainCatcher news, the Swiss online bank FlowBank, which provides cryptocurrency services, has now been shut down by the Swiss financial regulator and has filed for bankruptcy.
The Swiss Financial Market Supervisory Authority (FINMA) stated that the bank no longer has sufficient capital to maintain its banking operations and has severely violated minimum capital requirements.
FINMA also stated that "there are ample reasons to be concerned that the bank is currently over-indebted" and that "there is no prospect of restructuring."
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