Good luck getting your money back from island bank..
With swiss banks there is always Finma
Bankruptcy proceedings against FlowBank
- Thread starter fintechwizard
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With swiss banks there is always Finma
Well that is unfortunate, what is happening with our stocks in a case like this?
Will they liquidate all the assets and we can withdraw it as CHF?
Or can we transfer our stocks to another broker like IBKR?
Will they liquidate all the assets and we can withdraw it as CHF?
Or can we transfer our stocks to another broker like IBKR?
Simply transfer stocks to ibkr
But I wonder those who hold crypto with FlowBank, how will they get it back
I think similar to Celsius or FTX, they will sell it and they will give back the remaining as cash at the end of the proceeding,
but they will reference it on today's prices so no matter if your crypto in FlowBank appreciates or goes down from now on.
Edit: Celsius gave back around 60% I think in BTC and ETH but they fixed the BTC price to 15k yet they transferred to customers when BTC was already above 30k, so actually users got back only like 30%.
The Liquidators will shortly be sending the Bank's clients a circular describing the procedure for repayment of the secured deposits and the transfer of the custody assets.
So what's next we just wait for this circular/email? All payments stopped so I'm guessing withdrawals are not an option.
So what's next we just wait for this circular/email? All payments stopped so I'm guessing withdrawals are not an option.
You are mistaken here
You are comparing exchange with bank
Exchange needs crypto liquidity to process withdrawal
But FlowBank could have crypto custody at other banks
It would not be fair to sell asset without agreement of customer
I hope someone who holds crypto here with FlowBank can enlighten us
You are right, I always thought of FlowBank as more of a broker or an EMI, I keep forgetting it was a real Swiss bank lol.
csp dubai said:
better comoros bank , more safe
that was ironic , any way this prove ch after credit suisse is not best place to park your money , your savings should be in big contries in big banks, societe generale , credit agicole , commerz bank, dbs ocbc, hsbc unicredit barclays
better comoros bank , more safe
that was ironic , any way this prove ch after credit suisse is not best place to park your money , your savings should be in big contries in big banks, societe generale , credit agicole , commerz bank, dbs ocbc, hsbc unicredit barclays
This was my first thought. Even a garbage Swiss bank like Maerki Baumann employs only 90 people. How did they get to 140 people. Maybe 100 unpaid interns perhaps...lol?.
Also no idea how they got a license in first place and never looked at their finances which should have shown this glaring hole in their balance sheet. What sort of business plan did they present to Finma in first place that they did not even last 5 years? What was their capital base etc? I would have checked this before going near them.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Vetternwirtschaft 😉
(not quite nepotism, but more like "politics among friends")
The ongoing bankruptcy proceedings against FlowBank are highly concerning.
This situation could undermine confidence in the Switzerland bank's stability and affect customer trust for all banks.
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I keep my journey in the closed forums in Mentor Group for less saturating methods.
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This situation could undermine confidence in the Switzerland bank's stability and affect customer trust for all banks.
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My Journey to successful card processing for Replica, IPTV, Adult and Gaming business.
I keep my journey in the closed forums in Mentor Group for less saturating methods.
Please understand that I don't sell any services or do consultancy, you don't need to contact me about that!
This situation could undermine confidence in the Switzerland bank's stability and affect customer trust for all banks
ch is very well known to be unsafe for investor, the prosecutor in ch will block your account att will for years, and you have to wait 10 years to unblock your funds because the bank wll use that to use your funds, if yo want a safe haven not use ch , if your funds are declared use a french bank they are highly regulated and they will not play any joke
ch is very well known to be unsafe for investor, the prosecutor in ch will block your account att will for years, and you have to wait 10 years to unblock your funds because the bank wll use that to use your funds, if yo want a safe haven not use ch , if your funds are declared use a french bank they are highly regulated and they will not play any joke
Very few people know about this!
It's NOT much talked about, but on or about 2012, a prosecutor pulled this BS off on a Russian. The prosecutor is STILL missing.
And let's NOT forget the World Jewish Congress lawsuit against Swiss banks - Wikipedia
they can totally lend out the securities without you knowing it. Might even be completely legal since its buried deep inside the terms.
totally true, idk why swiss banking is still perceived to be the endgame and seemingly everyone still wants it.
But seriously putting money in anything french is even more outrageous, I wouldn't even do that willingly while high and drunk 😉. The country has a serious debt problem to say the least plus EU is coming for wealth.
Meanwhile sitting in Bitcoin/usdt which comes with the added benefit of not having to answer a single compliance question but instead see purchasing power go up.
Last edited: Jun 15, 2024
Yes they forgot how unprofitable Swiss banking is without washing money or helping wealthy foreigners avoid taxes. Look at Credit Suisse when it had to only do clean business and enacted a white money policy it went straight out of business...lol.
My confidence was knocked a decade ago in Swiss banking. I have taken every opportunity to expose the illusion that is Swiss banking as it is not the conservative prudent banking it was 20 years ago and Finma is a joke.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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