Swiss Online Bank with Crypto Ties, FlowBank, Shut Down and Put into Bankruptcy by Regulator

Switzerland's financial regulator, FINMA, has declared FlowBank bankrupt and shut it down due to insufficient capital for its operations as a bank. The bank had breached minimum capital requirements and was over-indebted with no prospect of restructuring. Customers with up to 100,000 Swiss francs in deposits are protected and will receive their money back within seven working days, but the future of customers' crypto deposits is uncertain. FlowBank had extensive crypto ties and offered customers the ability to buy, sell, and hold crypto and other tokenized assets directly from their accounts.