Australian Crypto Exchange Swyftx Suspends Staking Program Due To Lack Of Regulatory Clarity

Key Points:

• Swyftx stated today that it will suspend its bitcoin profit-earning product due to the country’s continually changing legislation.
• When the Earn program ends, all unused cash on any accounts will be returned to the wallets associated with those accounts.

Swyftx, an Australian cryptocurrency exchange, announced today that it will discontinue its bitcoin profit-earning product owing to “constantly changing rules” in the country.

Swyftx acknowledged that the news is “disappointing,” but it must do what is best for its business. “While we believe in the value and potential of cryptocurrencies, we now require clearer regulation of crypto services such as Earn,” Swyftx stated.

When the Earn program comes to an end, all unused funds on any accounts will be sent back to the wallets that correspond to those accounts. Earn accounts generate rewards by staking assets that are housed on Swyftx wallets and, as a result, do not expose users to any risk from a third party.

In November, the Australian Securities and Investments Commission (ASIC) initiated legal action against the financial technology company Block Earner. The ASIC argued that the company’s profitable crypto products are required to be registered and that the company is delivering financial products that are not licensed for ordinary investors. Block Earner was targeted because the ASIC believes that the company is delivering financial products that are not licensed for ordinary investors. Block Earner was named as the defendant in the complaint.

Midway through the month of December, the Australian Securities and Investments Commission (ASIC) initiated legal action against the Australian financial information company Finder.com. The lawsuit alleges that Finder.com illegally provided financial advice and promoted a cryptocurrency product called Finder Earn without holding a license to do so.

In the wake of the multibillion-dollar failure of the cryptocurrency exchange FTX.com, which was domiciled in the Bahamas, the Australian government has announced that it will prepare legislation to monitor cryptocurrency exchanges during the course of this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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