{"id":537649,"date":"2023-01-09T08:59:15","date_gmt":"2023-01-09T05:59:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/swyftx-to-chop-its-earn-program-this-week-citing-murky-regulations\/"},"modified":"2023-01-09T08:59:15","modified_gmt":"2023-01-09T05:59:15","slug":"swyftx-to-chop-its-earn-program-this-week-citing-murky-regulations","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/swyftx-to-chop-its-earn-program-this-week-citing-murky-regulations\/","title":{"rendered":"# Swyftx to chop its \u2018Earn\u2019 program this week, citing murky regulations"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2c04b9599e6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2c04b9599e6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/swyftx-to-chop-its-earn-program-this-week-citing-murky-regulations\/#%E2%80%9D_Swyftx_to_chop_its_%E2%80%98Earn_program_this_week_citing_murky_regulations_%E2%80%9C\" >&#8221; Swyftx to chop its \u2018Earn\u2019 program this week, citing murky regulations &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Swyftx_to_chop_its_%E2%80%98Earn_program_this_week_citing_murky_regulations_%E2%80%9C\"><\/span>&#8221; Swyftx to chop its \u2018Earn\u2019 program this week, citing murky regulations &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvODRlMjAxOTEtZTYyZS00MjMxLWJkOTYtOTk5YzNmYjk5NTMwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>Australian crypto exchange Swyftx is set to shutter its crypto-interest product this week, citing a \u201cconstantly changing regulatory landscape\u201d for crypto products in the country.\u00a0<\/p>\n<p>From Jan. 10, the crypto exchange\u00a0will cease to operate the \u201cEarn\u201d program, with users having their entire Earn balances returned to their trade wallets.<\/p>\n<p>Swyftx said while the decision might be \u201cdis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointing\u201d for users, it is \u201ccommitted to doing what is best for the program in the near term.\u201d<\/p>\n<blockquote><p>\u201cWhile 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.\u201d<\/p><\/blockquote>\n<p>The\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/swyftx.com\/news\/earn-program-closure\/\">announcement<\/a>\u00a0was posted by Swyftx on Dec. 27 but went largely unnoticed at the time given the holidays.\u00a0<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> comes just weeks after Australian regulators launched actions against fintech firm Block Earner as well as Finder.com\u2019s crypto yield products for allegedly being offered without the required licensing. <\/p>\n<p>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. <\/p>\n<p>In a statement to Cointelegraph, Swyftx said it was closing its Earn offering due to \u201cuncertainty of the current regulatory context.\u201d<\/p>\n<p>\u201cWe hope to reopen it once we have settled rules in place in Australia around interest-yielding crypto offerings.\u00a0 In the meantime, our priority is to continue to positively engage with regulators and the government to protect existing and future Aussie crypto users,\u201d it added.\u00a0<\/p>\n<p>First launched in May, Swyftx\u2019s Earn program allowed users to earn daily interest on certain crypto tokens by loaning them to Swyftx. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Superhero cans merger with Swyftx, citing regulatory scrutiny<\/em><\/strong><\/p>\n<p>The Australian Securities &amp; Investments Commission has been actively eyeing down Australian crypto product providers in recent months.<\/p>\n<p>In addition to the actions against Block Earner and Finder.com in November and December, it also took action against the creators of the Qoin token in October last year for \u201cmisleading\u201d representations of its token. <\/p>\n<p>The Australian federal government has also stepped up efforts to regulate the crypto sector.\u00a0<\/p>\n<p>In December, the Australian Labor Government announced it would\u00a0release a consultation paper in early 2023 as part of its token mapping initiative. <\/p>\n<p>Australian Treasurer Jim Chalmers said <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/happing-consultation-paper-to-release-in-early-2023-treasurer\">the consultation paper would cover <\/a>how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections. <\/p>\n<p><em>Update\u00a0Dec. 9, 6:22am UTC: Added a statement from Swyftx.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/swyftx-to-chop-its-earn-program-this-week-citing-murky-regulations\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Swyftx to chop its \u2018Earn\u2019 program this week, citing murky regulations &#8220; Australian crypto exchange Swyftx is set to shutter its crypto-interest product this week, citing a \u201cconstantly changing regulatory landscape\u201d for crypto products in the country.\u00a0 From Jan. 10, the crypto exchange\u00a0will cease to operate the \u201cEarn\u201d program, with users having their entire&#8230;<\/p>\n","protected":false},"author":1,"featured_media":537650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/84e20191-e62e-4231-bd96-999c3fb99530.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74863,74860,117,70934],"class_list":["post-537649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/537649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=537649"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/537649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/537650"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=537649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=537649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=537649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}