PANews June 14 news, according to CoinDesk, the Swiss Financial Market Supervisory Authority (FINMA) announced on Thursday the closure of the crypto bank FlowBank, saying that the bank "no longer has sufficient capital to maintain its banking business" and "seriously violated the minimum capital requirements". FINMA also said that "there are good reasons to worry that the bank is currently over-indebted" and "has no prospects for restructuring". Switzerland's top law firm Walder Wyss has been appointed by FINMA as the bank's bankruptcy liquidator.
FlowBank was founded in 2020, and crypto asset management company CoinShares acquired a 9% stake in the bank for $11.8 million in 2021. Earlier this year, it was reported that Binance would allow large traders to hold crypto assets in FlowBank or another Swiss crypto-friendly bank Sygnum. According to a document published on the FINMA website, customers who deposit up to 100,000 Swiss francs (about $111,710) in FlowBank will receive their funds within seven business days.
