Australian cryptocurrency exchange Swyftx and local online investment platform Superhero announced they were abandoning the merger. The move was driven by tighter industry regulation, according to the Australian Financial Review.<\/p>\n
\n\u201cMarket volatility, as well as the current regulatory environment, complicate the realisation of the initial vision that inspired the merger earlier this year,\u201d said John Winter, CEO of Superhero.<\/p>\n<\/blockquote>\n
According to him, the platform will remain independent and develop \u201cas a separate company.\u201d User funds are safe, as their data and assets were not provided to Swyftx, added Superhero.<\/p>\n
Australian firms announced<\/a> the merger in June. A few months later, authorities said<\/a> they planned to tighten industry requirements in 2023, and the local Securities and Investments Commission initiated<\/a> a case against Block Earner for operating without a licence.<\/p>\n
Earlier, the Commonwealth Bank of Australia delayed the rollout of crypto trading<\/a> due to regulatory uncertainty.<\/p>\n
Earlier in August, Swyftx cut its staff by 21%<\/a> to reduce costs during the bear market.<\/p>\n