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Australian crypto exchange Swyftx is expected to shut down its crypto-oriented product soon, due to an ever-changing regulatory landscape for crypto products in the country, as Cointelegraph reported.
According to Cointelegraph, from January 10, 2023, Swyftx will discontinue the Earn program. Users are expected to have their earning balances returned to their trade wallets.
While we believe in the value and potential of cryptocurrency, what we currently need is greater clarity on the regulation of crypto offerings such as Earn, Swyftx said.
Based on information from Cointelegraph, on December 27, 2022, Swyftx released this announcement. Reportedly, the updates came after Australian regulators unveiled action against financial technology (fintech) firm Block Earner as well as Finder.com’s crypto yield products for allegedly being offered without the necessary licenses. . Swyftxs closure on Earn is believed to be temporary. Swiftyx mentioned closing its Earn offering due to the uncertainty of the current regulatory environment.
We hope to reopen it once we have rules in place in Australia regarding interest-earning crypto offerings. In the meantime, our priority is to continue to engage positively with regulators and government to protect existing and future Australian crypto users, Swyftx added.
(With information from Cointelegraph)
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