Swiss financial marekt closes crypto bank FlowBank and starts bankruptcy proceedings

The Swiss financial marekt regulator (FINMA) has taken the decision to shut down FlowBank, a Swiss online bank that provides cryptocurrency services to clients, saying the bank no longer has enough capital to sustain its banking operations and there are good reasons to be concerned that the bank is currently over-indebted and has no prospect of restructuring. It is reported that Swiss law firm Walder Wyss has been appointed as the bank's insolvency liquidator by FINMA.