FlowBank Shut Down Over Serious Breach Of Standards Required To Operate

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Flowbank, an online Swiss Bank that offered crypto trading services has shut down and initiated bankruptcy proceedings. The Swiss financial regulator had found that it seriously breached the standards required to operate as a bank. There were no prospects of restructuring and there were fears that the bank was over-indebted and hence must be wound up, concluded FINMA. The measure was necessary as the bank no longer has the minimum capital required for its business operations. Customers with up to 100,000 Swiss francs will be protected first aiming to help customers recover the funds as soon as possible.