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Australian cryptocurrency exchange Swyftx will be discontinuing its crypto interest-earning product Earn on Tuesday due to the country’s “constantly changing regulatory landscape,” according to the company’s announcement.
See related articles: Australian cryptocurrency exchange Swyftx has cut jobs by 40% amid the fallout of FTX.
quick facts
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Swyftx said it understands the news may be “disappointing” but that it must do what’s best for the exchange business as a whole. “While we believe in the value and potential of cryptocurrencies, what is needed now is greater clarity in regulation around the offering of cryptocurrencies such as Earn,” he said.
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After the program ends, all Earn account balances will be returned to their respective wallets.
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Yield accounts such as Earn generate revenue by staking assets held in on-chain Swyftx wallets, thus eliminating third-party risk.
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In November, the Australian Securities and Investments Commission (ASIC) sued local fintech firm Block Earner, saying its high-yield cryptocurrency products should be registered as a custodial investment scheme, banning unlicensed financial products from retail investors. claimed to be offering to
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ASIC also took legal action against Australian financial information firm Finder.com in mid-December for offering its now-defunct crypto yield product Finder Earn without a financial services license and illegal financial advice. claimed to provide
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The Australian government has said it will release updated rules to regulate cryptocurrency exchanges this year following the multi-billion dollar bankruptcy of Bahamas-based exchange FTX.com.
See related articles: Australia revamps cryptocurrency rules after FTX collapse
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