Australian crypto exchange Swyftx is ending its crypto-interest earning product Earn on Tuesday due to a “constantly changing regulatory landscape” in the country, according to a company announcement.
Swyftx said it understands the news may be “disappointing” but it must do what’s best for its overall exchange business. “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,” Swyftx said.
The remaining balances on all Earn accounts will be returned to their respective wallets once the program ends. Yield accounts such as Earn generate returns through staking assets held on Swyftx wallets on-chain and therefore do not carry third-party risks.
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