According to TechFlow, FlowBank, a Swiss online bank that provides cryptocurrency services to customers, was closed by the Swiss financial regulator and declared bankrupt.
The Swiss Financial Market Supervisory Authority FINMA said FlowBank was undercapitalized, seriously violated minimum capital requirements and could face the risk of excessive debt.
Customer deposits up to 100,000 Swiss francs will be protected, but the future of cryptocurrency deposits is unclear. The bank has shut down its website and Twitter account.
