According to ChainCatcher, FlowBank, a Swiss online bank that provides cryptocurrency services, has been closed by Swiss financial regulators and filed for bankruptcy. The Swiss Financial Market Supervisory Authority (FINMA) said that the bank no longer has sufficient capital to maintain its banking business and is in serious violation of minimum capital requirements. FINMA also stated that "there are good reasons to worry that the bank is currently over-indebted" and "there is no prospect of restructuring."