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Switzerland’s financial regulator, FINMA, has shut down FlowBank, an online lender that offered exposure to cryptocurrencies, due to insufficient capital. FINMA opened bankruptcy proceedings against FlowBank SA on June 13, 2024, at 8:00 a.m., and subsequently withdrew the bank's license. The bank's financial situation was reported to be much worse than initially disclosed. FlowBank had previously attempted to issue capital bonds in January 2022, including 10Y Tier 2 and PNC6 AT1, but faced challenges that ultimately led to its bankruptcy. The bank was also linked to TrueUSD.
Swiss authorities have shut down FlowBank SA, saying the online-trading platform had run short of capital and its "financial situation is much worse" than originally reported https://t.co/uk4k3EK3Wz
TrueUSD bank FlowBank forced into bankruptcy https://t.co/UlSO9KekeF
FlowBank, a Swiss bank, is bankrupt. Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA (the Bank) with effect from 13 June 2024 at 8:00 a.m. As a consequence, the FINMA withdrew the license of the Bank as bank and securities… https://t.co/UR91bbsRNE
