The Swiss Financial Market Supervisory Authority (FINMA) announced the closure of cryptocurrency-related FlowBank and the initiation of bankruptcy proceedings. FINMA said FlowBank's minimum capital requirements had been "seriously and significantly breached" and the bank was currently at risk of insolvency with no prospect of restructuring. Founded in 2020, FlowBank has strong ties to crypto asset manager CoinShares, which bought a 9% stake in the bank in 2021. All FlowBank pages are now redirected to letters informing customers of the bank's closure, and its Twitter account has been deactivated. (CoinDesk)
