EddieJayonCrypto

 13 Jun 24

tl;dr

Switzerland's FlowBank SA, a crypto-linked bank, was shut down by the Swiss Financial Market Supervisory Authority (FINMA) due to concerns about its financial health and bankruptcy. The regulator found that the bank breached minimum capital requirements and exhibited organizational deficiencies, ult...

Switzerland’s FlowBank SA, a crypto-linked bank, was shut down by the Swiss Financial Market Supervisory Authority (FINMA) due to concerns about its financial health and bankruptcy. The regulator found that the bank breached minimum capital requirements and exhibited organizational deficiencies, ultimately leading to its dissolution.

FlowBank's customers are assured protection for deposits up to 100,000 Swiss francs, but the fate of crypto deposits remains uncertain. The liquidator will determine how cryptocurrencies will be treated in the bankruptcy process.

The Swiss Financial Market Supervisory Authority (FINMA) has closed the crypto-linked bank FlowBank SA, citing financial reasons. The lender does not have enough capital to continue operating as a bank. FINMA expresses serious concerns about FlowBank’s minimum capital requirements and indicates that the bank is “over-indebted,” making restructuring potentially impossible.

Reportedly, FINMA had FlowBank on its watchlist since 2021 amid serious breaches of supervisory regulations. The bank fell short of capital requirements and did not meet organization and risk management thresholds.

The findings revealed that FlowBank SA repeatedly violated capital requirements and exhibited multiple organizational deficiencies. These issues, along with recent developments, led to the regulator’s decision to dissolve the bank after a week.

FlowBank acknowledged the dissolution in a letter to its clients, highlighting the revocation of its license as a bank and securities. Nevertheless, FINMA assures FlowBank customers that deposits up to 100,000 Swiss francs are protected.

Unfortunately, the fate of customers’ crypto deposits remains unclear, entirely in the liquidator's hands. According to FINMA, the liquidator is tasked with determining whether cryptocurrencies will be treated as “claims on the bank” or as custody assets in the bankruptcy process.

The Swiss regulator’s action is unsurprising, given Switzerland’s reputation as one of the most crypto-friendly European countries. Several Swiss banks support operations with digital assets. Shutting down a platform that fails to meet operating criteria aims to prevent a similar outcome to the FTX implosion rather than acting against crypto.

More about Denali Capital Acquisition Corp. Class A Ordinary Shares
Denali Capital Acquisition Corp. Class A Ordinary Shares
Company: Denali Capital Acquisition Corp.
Headquarters: New York, New York
Industry: Real Estate & Construction, Blank Checks
Stock Symbol: 49773000
Current Price: $43.75
Change: $0.16
Percentage Change: 0%
Volume: 0
Market Cap: 0
Dividend Yield: 0%
Earnings per Share (EPS): None
Price-to-Earnings (P/E) Ratio: 1.051
Beta: 0

More about United States Steel Corporation
United States Steel Corporation Summary

United States Steel Corporation

United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.

Industry: MANUFACTURING

Sector: STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)

NAICS Code: 8413079000

Current Stock Price: $10.58

Price Change: 0.2

Percentage Change: 3.46%

52-Week Range: $79.23

Dividend Yield: 0.0489

Market Cap: $17,743,000,000

PE Ratio: 38

EPS Growth (ttm): -0.129

Revenue Growth (ttm): -0.069

More about MicroStrategy Incorporated

MicroStrategy Incorporated Summary

MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.

Industry and Financial Data

Industry: Technology

Sector: Services-Prepackaged Software

Market Cap: 284.45 billion

Dividend Yield: None

Beta (5Y Monthly): None

Stock Performance

Price Change (52 Weeks): -10.74%

Price Change (YTD): 32.62%

EPS (TTM): -0.174

Revenue (TTM): 489,592,000

Shares Outstanding: 1,756.95

Profit Margin: -0.775

Operating Margin: -0.055

More about GameStop Corp
GameStop Corp Summary

GameStop Corp Summary

Company: GameStop Corp

Headquarters: Grapevine, Texas

Sector: Trade & Services

Industry: Retail-Computer & Computer Software Stores

Market Cap: $11,541,983,000

Stock Price: $338.5

Dividend Yield: None

P/E Ratio: 0.08

EPS: 16.1

Beta: 0.0051

Volume: 4,917,500,000

Revenue: $8.38 billion

Profit Margin: 0.259

Operating Margin: -0.287

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 24 Dec 24
 24 Dec 24
 24 Dec 24