Due to the constantly changing regulatory landscape, we have made the decision to close the Earn program on 10 January 2023. We understand that this news may be disappointing, but we are committed to doing what is best for the program in the near term. 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.
To further clarify, this is not a financially driven decision for the business, and we are not removing the program due to any losses or issues with client assets. Under the Earn program, Swyftx generates yield by staking assets on-chain from Swyftx-held wallets. As such, no customer funds loaned to Swyftx are at risk to third parties.
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.
What happens next?
- Earn program users will have their entire earn balances returned to their trade wallets on the day we close the program on the 10th of January, until then, the program will remain “At call” as it always has been. This means you can remove your assets from Earn at any time prior to 10 January 2023, if you wish.
- You will continue to Earn on your assets until the day the Earn Program is closed.
Thank you for your understanding and continued support of Swyftx. If you have any questions or concerns, please don’t hesitate to reach out to us via the live chat.