Switzerland’s financial regulator has shut down FlowBank, a Swiss online bank that provided customers with exposure to cryptocurrency.

FINMA, the Swiss Financial Market Supervisory Authority announced on Thursday that it had decided to shut down FlowBank. The authority said the bank “no long had sufficient capital” for its operation as a banking institution and that its minimum capital requirements were “significantly” breached. FINMA added that there are also “well-founded fears” that the bank was currently over-indebted with “no prospects” of a restructure.

In a message to its customers, FlowBank said that FINMA had made the decision to close it yesterday. FINMA has appointed Walder Wyss to act as the bankruptcy liquidators of the bank.

FlowBank was launched in 2020 with extensive crypto ties. This included part ownership by cryptocurrency asset manager CoinShares, which in 2021 purchased a 9% share in the bank for 11.8 million dollars. CoinShares invested in the bank, which then began to offer its customers the option to purchase, sell, and hold tokenized assets and crypto directly from their FlowBank account.

Earlier this summer, Binance, the largest crypto exchange in the world, was said to permit larger traders, who hold crypto assets, to store them at FlowBank, or Sygnum.

According to a document published on the FINMA website, FlowBank clients with deposits up to 100,000 Swiss francs ($111,710) are protected and will get their money within seven days.

It is not clear what will happen to the crypto-deposits of customers. FINMA said it was up to the liquidator to decide whether the cryptocurrencies will be classified as custody assets and treated like securities during the bankruptcy process or whether they will simply be “claims against the bank.”

FlowBank was not available for comment. All pages of the bank lead to a letter notifying clients of the bank’s closure. Twitter has been disabled for the bank.