TechFlow reports that FlowBank, a Swiss online bank providing cryptocurrency services to customers, has been shut down and declared bankrupt by Swiss financial regulators.
The Swiss Financial Market Supervisory Authority (FINMA) stated that FlowBank was undercapitalized, seriously breached minimum capital requirements, and may face the risk of over-indebtedness.
Customer deposits up to 100,000 Swiss francs will be protected, but the status of cryptocurrency deposits remains unclear. The bank has taken down its website and deactivated its Twitter account.




