Swyftx closes Earn Program

The company has “returned its users' entire balances” due to a lack of regulatory clarity.

Australian crypto exchange Swyftx has announced plans to end its Earn Program, a feature that allowed users to earn interest on particular cryptocurrencies held on the platform.

Swyftx said that the move was “not a financially driven decision for the business”, and it was by no means down to any losses or issues with client assets.

The company continued to state that although the news may be “disappointing”, its plans to close the program are solely down to needing “greater clarity on the regulation of crypto offerings, such as Earn”.

As of January 10, the official date of the closure, all Earn program users will have their “entire earn balances returned to their trade wallets”.

Swytfx hopes to re-open the Earn Program once a clear and stable regulatory environment for cryptocurrencies is established in Australia.

The Australian government is set to release an updated guide for crypto regulation this year following the multi-billion dollar collapse of Sam Bankman-Fried’s bankrupt exchange FTX.

“We are closely monitoring the fallout from the [FTX] collapse, including further volatility in crypto-asset markets and any spillovers into financial markets more broadly”, a spokesman for Australian treasurer Jim Chalmers said.

 

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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