The Swiss Financial Market Supervisory Authority (FINMA) has decided to shut down the online bank FlowBank that provides cryptocurrency services and initiate bankruptcy proceedings. The regulatory body stated that FlowBank lacks sufficient capital to sustain its operations, has excessive liabilities, and lacks prospects for restructuring. The Swiss law firm Walder Wyss has been appointed as the bankruptcy liquidator.

The Swiss Financial Market Supervisory Authority (FINMA) has decided to close FlowBank, a Swiss online bank that provides cryptocurrency services to customers. The regulatory agency stated that the bank no longer has sufficient capital to sustain its banking operations and there are valid concerns about the bank's current excessive liabilities and lack of restructuring prospects. It is reported that the Swiss law firm Walder Wyss has been appointed by FINMA as the liquidator for the bank.

Swiss regulatory authority shuts down crypto bank FlowBank and initiates bankruptcy proceedings.