Australian cryptocurrency exchange, Swyftx, is closing its high-interest Earn product. It notified customers during the Christmas long weekend after ASIC began legal proceedings against similar products in the market.
The Australian Securities and Investments Commission (ASIC) has sued a division of financial comparison platform Finder, alleging the company offered its recently-shuttered Earn crypto-investment product as an unlicensed financial service.
Finder has axed its year-old cryptocurrency investment product Finder Earn, becoming the latest high-yield offering to buckle as digital asset valuations tumble from their all-time highs.
