Swiss online bank FlowBank, known for its crypto trading services, has been forced into bankruptcy by Swiss Financial Market Supervisory Authority (FINMA). The regulator found the bank "seriously breached" operational standards, including the minimum capital requirement. FlowBank, launched in 2020, was part-owned by CoinShares and provided banking services to Binance. It held $760 million in total assets and over 22,000 client accounts. FINMA aims to help customers with up to $111,710 in funds recoup their money "as quickly as possible". The bank's license withdrawal, ordered by FINMA, is still pending legal effect due to an appeal.