Not Enough Capital, Swiss Regulator Closes FlowBank Crypto Trading
Follow Us @
Not Enough Capital, Swiss Regulator Closes FlowBank Crypto Trading
Liputan6.com, Jakarta Swiss online bank FlowBank, which offered cryptocurrency trading services, has closed its services and was forced to go bankrupt. The closure was because the Swiss financial regulator found the bank had violated operational standards.
This step became necessary because banks no longer have the minimum capital required for their business operations,” said the Swiss Financial Market Supervisory Authority (FINMA) in a statement, quoted from Cointelegraph, Saturday (15/6/2024).
“There is no prospect of restructuring, and there are concerns that the bank is over-indebted,” FINMA further said.
FINMA also said that the results of the investigation showed that Flowbank did not fulfill its obligation to have sufficient capital to run a banking business.
Swiss financial regulators first took enforcement action against FlowBank in October 2021, when they identified serious violations of supervisory laws, particularly with regard to capital requirements.
An independent auditor was appointed 12 months later to monitor FlowBank's compliance.
FINMA appointed another supervisor to monitor FlowBank's financial activities and further investigate its compliance failures in June 2023 as more problems emerged
The investigation uncovered many high-risk business relationships and processing large transactions without conducting proper due diligence, according to FINMA.
FINMA then ordered the revocation of the bank's license on March 8 2024. However, this decision does not yet have legal force because it is still pending appeal at the Swiss Federal Administrative Court.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.
Not Enough Capital, Swiss Regulator Closes FlowBank Crypto Trading
Follow TODAYSGIST on Google News and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
#Capital #Swiss #Regulator #Closes #FlowBank #Crypto #Trading
-
Sports3 months ago
Still Needed Against Arema, Persebaya Hasn't Released Toni Firmansyah to the U-20 National Team
-
usa today entertainment3 months ago
Han So Hee lost her advertising contract after her relationship with Ryu Jun Yeo became a polemic
-
Sports3 months ago
Sandy Walsh is determined to bring Indonesia back to defeat Vietnam
-
Sports3 months ago
Respect Ten Hag, Southgate Doesn't Want to Discuss Opportunities to Handle MU
-
Sports3 months ago
Maguire hopes Southgate will not handle MU and continue to coach the England national team
-
Hot trending3 months ago
The Escape of the Seven Resurrection (2024) (Korean) (TV series) Download Mp4 ▷ Afrilatest
-
Sports3 months ago
Toni Kroos Returns, Florian Wirtz Sets Panzer Team's Fastest Goal Record
-
usa today entertainment3 months ago
Saranghaeyo Indonesia Concert 2024 Officially Collaborates with DAY6 and Chen EXO, Take a Peek at the Latest Seat Plan!