FlowBank, a Swiss Digital Bank That Offered Cryptocurrency Trading, Faces Closure

IconCryptoNewsTerminal Staff13 Jun, 2024

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FlowBank, a Swiss Digital Bank That Offered Cryptocurrency Trading, Faces Closure

Swiss financial regulator FINMA has decided to close digital bank FlowBank, citing insufficient equity capital and excessive liabilities. The bank offered cryptocurrency trading services, and customers with up to CHF 100,000 will get their money back within seven days. However, the plan for repaying crypto assets will be determined after the liquidator categorizes them as either fiduciary assets or securities.