Very sad, FlowBank was one of the few Swiss fintech/neobank with ambitions beyond Switzerland. There certainly was issues but I wonder why they could not raise to improve their reserves. I suspect that the FINMA took a precipitated action to try to look tough after the Credit Suisse debacle. Moreover, the press release mentions that the bank entered high risk deals without doing extensive due diligence. I’m pretty sure this refers to their Cryptocurrency activities. FlowBank was known to be banking some stablecoin issuers and had ties with Binance. I would not be surprised if some anti-crypto sentiment explains a big part of this decision. I’m not excluding that there wasn’t something really rotten in there, but regulators will always assume out of the door that crypto = fraud. Crypto banks are probably gonna keep suffering more regulatory pressure and ultimately move to Singapore/Dubai or US if Trump wins.