Swyftx is set to shutter its crypto-interest product this week, citing a constantly changing regulatory landscape for crypto products in the country.
The crypto exchange will cease to operate the Earn program, with users having their entire Earn balances returned to their trade wallets.
Swyftx said while the decision might be disappointing for users, it is committed to doing what is best for the program in the near term. The announcement was posted by Swyftx on Dec. 27 but went largely unnoticed at the time given the holidays.
The news comes just weeks after Australian regulators launched actions against fintech firm Block Earner as well as Finder.com’s crypto yield products for allegedly being offered without the required licensing. Swyftx has not permanently closed the door on Earn though, with the exchange saying it would consider re-opening the program once the rules are more straightforward.
