Swyftx, an Australian cryptocurrency exchange, has announced it will end its Earn program due to the uncertain regulatory environment for crypto assets in the country.
However, the exchange may reintroduce the program if regulations are simplified.
The Australian Securities and Investments Commission has been monitoring local crypto product providers and has taken legal action against several firms for allegedly selling products without proper authorization.
The Australian government is also working on plans to regulate the cryptocurrency industry and is expected to release a consultation document in early 2023.
All remaining Earn balances will be restored to users’ trade wallets on January 10.