The Swiss Financial Market Supervisory Authority (FINMA) announced that it has forced FlowBank, a cryptocurrency-friendly online bank that has business dealings with TrueUSD stablecoin issuer Techteryx, crypto asset management company CoinShares and the world's largest cryptocurrency exchange Binance, to go bankrupt due to major violations.
FINMA finds FlowBank in serious breach of capital adequacy requirements
In a statement on June 13, FINMA pointed out that FlowBank took closure measures because it no longer had the minimum capital required for business operations and there was no possibility of restructuring. There were concerns about the bank's excessive debt.