Swiss Financial Market Supervisory Authority closes crypto bank FlowBank and initiates bankruptcy proceedings
The Swiss Financial Market Supervisory Authority (FINMA) has decided to shut down FlowBank, a Swiss online bank that provides cryptocurrency services to customers. The regulatory agency stated that the bank no longer has enough capital to sustain its banking operations, and there are sufficient reasons to be concerned about the bank's current excessive debt and lack of prospects for restructuring. It is reported that the Swiss law firm Walder Wyss has been appointed by FINMA as the liquidator for the bank.
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