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Swiss Regulator Shutters Crypto-Linked FlowBank, Initiates Bankruptcy Proceedings on June 13, 2024
Jun 14, 2024, 09:08 AM
The Swiss Financial Market Supervisory Authority (FINMA) has shuttered FlowBank, a Swiss bank linked to cryptocurrencies, and initiated bankruptcy proceedings effective June 13, 2024, at 8:00 a.m. As a result, FINMA has withdrawn FlowBank's banking and securities license. FlowBank, which served as a custodian for large traders and partnered with Binance, was at risk of insolvency. The bank allowed customers to buy, sell, and hold Bitcoin and other cryptocurrencies directly. The closure was announced on June 14, 2024.
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