Swiss regulator forces crypto-friendly bank FlowBank into bankruptcy due to regulatory concerns

From Cointelegraph: 2024-06-13 20:06:53

A Swiss-based bank with ties to TrueUSD stablecoin issuer, Techteryx, CoinShares, and Binance, faced scrutiny from regulatory authorities due to lack of transparency and potential AML concerns. The bank allegedly facilitated transactions for over 20% of total stablecoin market volume, highlighting the growing regulatory challenges in the crypto industry.

Read more at Cointelegraph: Swiss regulator forces crypto-friendly FlowBank into bankruptcy