FlowBank, an online Swiss bank that offered customers exposure to crypto, has been shut down and put into bankruptcy by Switzerland’s financial regulator.

The regulator said the bank no longer has the minimum capital required for its business operations and there are also fears that the bank is over-indebted.

FlowBank, launched in 2020, has strong crypto ties, including a 9% stake purchased by CoinShares for $11.8m in 2021.