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Finder Exits Crypto Trading with Migration to Swyftx
Finder, the well-known comparison platform, has announced its withdrawal from the crypto trading sector by shutting down its Wallet Ventures crypto platform on June 19. As part of this transition, users will be migrated to Swyftx, a Brisbane-based cryptocurrency exchange, marking Finder’s departure from direct trading operations.
This decision comes on the heels of a significant legal victory in 2023, where Finder successfully challenged a claim from the Australian Securities and Investments Commission (ASIC) regarding its "Earn" product. The court ruled that this product did not constitute an unlicensed financial instrument, providing Finder some breathing space amid regulatory scrutiny. Despite this win, Finder’s operations have been in a state of adjustment for the past two years, leading to the decision to step back from active crypto trading. Co-founder Fred Schebesta stepped down as co-CEO in 2022, highlighting the ongoing strains from increasing regulatory challenges.
Transitioning Focus
Finder is shifting its emphasis back to its core comparison business, leaving crypto custody and user support to Swyftx. Schebesta has framed the partnership as a "clean exit" for Wallet Ventures users, reaffirming that while Finder is stepping back from trading, it will continue its role in reviewing, ranking, and reporting on various cryptocurrencies, exchanges, and wallets.
Swyftx is poised to facilitate a seamless user migration, offering support for both existing and new accounts. According to CEO Jason Titman, the transition is geared towards ensuring that Wallet Ventures users can effortlessly transfer their cryptocurrency assets to Swyftx accounts, underscored by a commitment to round-the-clock customer service.
Insights from Leadership
Schebesta has expressed enthusiasm about the collaboration, recognising the market-leading role Finder once had in the crypto landscape. He noted, “We were first to market with this groundbreaking product, and we’re excited to see our customers offered a seamless transition to Swyftx.”
Titman echoed this sentiment, emphasising the strength of the partnership and the measures in place to protect user data and assets during the transition. “We’ve set-up a secure process so that Wallet Venture customers can transfer crypto assets to their own individual accounts on Swyftx,” he stated, underlining the focus on user experience throughout this change.
While Finder’s exit from the direct trading of crypto signals a broader trend of caution among fintech companies navigating regulatory pressures, it also opens a door for more dedicated players like Swyftx to expand their user base.
Conclusion
Finder’s planned exit from the crypto trading sphere illustrates the complexities financial technology firms face amid evolving regulations. By transitioning users to Swyftx, Finder aims to mitigate disruption for its customers while refocusing on its core business strengths. This strategic pivot highlights an industry grappling with regulatory landscapes and the need for adaptable business models. As Finder returns to its roots in financial comparison, the future holds significant potential for firms committed to robust crypto services and user support.
