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We understand that there is a lot going on in the world of crypto, which may be causing some concern. That’s why we want to take a moment to explain what we do to keep your funds & the long-term sustainability of Swyftx safe.
At least from what we can see, most Australian crypto exchanges don’t work in the same way as FTX, and aren’t exposed to the same risks. At Swyftx, we operate a fundamentally different business model compared to FTX and are not at risk of any of the liquidity issues around customer withdrawals. We would like to take a moment to explain how we are different:
Holding assets at a 1:1 customer asset ratio means we are not exposed to market risk for those assets (for example, we do not rely on our ability to buy assets to meet withdrawal demand). Additionally, we continue to monitor our internal balances, to ensure that customer assets are accounted for separately from our operational funds.
Aside from coincidentally having a few similar letters in our brand name (Swyftx), we have no affiliation with FTX.
We don’t borrow against customer assets to facilitate futures trading (or for any other reason), and futures trading isn’t available on our platform.
ISO 27001 is a globally recognised, established information security standard. In order to achieve this certification, our policies, procedures, processes and systems to manage information security risks (such as cyber-attacks, hacks or data leaks) have been independently assessed to meet very high international security standards.
In addition to the above, we continue to work closely with key industry stakeholders, including the Australian Government to develop regulation for the crypto industry that will ensure crypto-consumers are protected. As an Australian-owned and operated exchange, our highest priority is to maintain a safe and secure platform for our customers to trade and invest in cryptocurrency, now and into the future.
If you have further questions, our 24/7 Customer Support team are always available to assist on live chat.