The Swiss-based bank had ties to the TrueUSD stablecoin issuer, Techteryx, crypto asset manager CoinShares and reportedly Binance.
FlowBank, an online Swiss bank that offered cryptocurrency trading services, has been shut down and forced into bankruptcy after the Swiss financial regulator found it “seriously breached” standards required for it to operate as a bank.
“This measure became necessary as the bank no longer has the minimum capital required for its business operations,” the Swiss Financial Market Supervisory Authority said in a June 13 statement.
There’s “no prospect of a restructuring,” and there are “fears that the bank is over-indebted,” FINMA added.
