An Australian crypto exchange is set to shut its crypto 'Earn' product this week, blaming the country's uncertain regulatory landscape.
Australian crypto exchange Swyftx is set to shutter its crypto-interest product this week, citing a “constantly changing regulatory landscape” for crypto products in the country.will cease to operate the"Earn" program, while users will have their entire Earn 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.was posted by Swyftx on Dec. 27, but has gone largely unnoticed given the timing of the post and its proximity to the holidays.as well as Finder.com’s crypto yield products for allegedly being offered without the required licensing.
“We are committed to working with regulators and the government to create a clear and stable regulatory environment for cryptocurrency in Australia, and we hope to be able to re-open the Earn program once these rules are established.”
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