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FlowBank Enters bankruptcy with its License Revoked by Financial Regulator FINMA
FlowBank, the Swiss-based CFD trading platform, recently announced bankruptcy and FlowBank Ltd. has entered liquidation on June 13 at 8:00 am.
On June 12, the Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA, revoking the license of the Bank as bank and securities dealer. At the same time, FlowBank ceased all business activities.
On June 17, FlowBank announced additional information about the liquidation through its official website.
FlowBank said that while entering the bankruptcy proceedings, all CFD positions were closed and clients were unable to make any transactions. In turn, all agreements between clients and the company were invalidated at the same time.
In addition, clients are invited provide account information from other banks to receive payments, while all foreign currency deposits will be converted into Swiss francs at the exchange rate in effect at the start of the liquidation.
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