Famous Cryptocurrency Exchange Has Abandoned Its Merger Decision!

Australian cryptocurrency stock market swiftx and share trading and super retirement platform superherohas canceled their planned merger, saying the decision was made after the government increased regulatory pressure on the crypto industry.

Australian Cryptocurrency Exchange Swyftx Abandons Equity Trading Platform Superhero Merger Plan

Swyftx’s general counsel said that the regulatory environment is not one where traditional businesses and crypto companies mergers can easily happen.

The plan was announced in June and was touted as a “historic merger” that would bring a $1.5 billion “digital and traditional financial center” and more than 800,000 customers under one roof.

The cancellation comes after the Australian Securities and Investments Commission (ASIC) sued three crypto-related entities BlockEarner, BPS Financial, the company behind the qoin digital token, and financial product comparison website Finder.com.

Meanwhile, the government is taking steps to tighten crypto rules next year by inviting comments and feedback for a recommendation paper.

“The ongoing regulatory uncertainty around crypto assets, coupled with increased enforcement, does not foster an environment where mergers of more traditional businesses and crypto companies can easily happen,” Adam Percy, general counsel at Swyftx, said in a WhatsApp message.

crypto exchange FTX and crypto lender Voyager Digital The collapse of many high-profile companies and the decline in the crypto market are not helping this environment.

Earlier this month, Swyftx laid off 90 people, or 35% of its total workforce, due to the market downturn.

Superhero CEO John Winter “The current regulatory environment, along with market volatility, has made it increasingly difficult to achieve the initial vision that inspired the merger earlier this year,” he said.

*Not investment advice.

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