🚨 FlowBank, an online bank providing cryptocurrency services in Switzerland, was closed by the Swiss Financial Market Supervisory Authority (FINMA) and filed for bankruptcy. 🏦💔 It was stated that the bank "does not have sufficient capital to continue banking operations".

🔐 FlowBank customers with deposits of 100,000 Swiss Francs (approximately $111,710) will be protected and will receive a refund within 7 business days. However, the future of customers' cryptocurrency deposits is still uncertain. 🤔💰

FlowBank was founded in 2020 and had extensive ties to cryptocurrencies. Crypto asset management company CoinShares acquired a 9% stake in the bank for $11.8 million in 2021. 📈💸