Finder Exits Crypto Trading, Partners With Swyftx For User Transition

Finder, an Australian fintech company, has declared its exit from the cryptocurrency trading sector, choosing to concentrate on its primary comparison business. The company will cease operations of its Wallet Ventures crypto platform on June 19, ensuring a smooth transition for its users to the Swyftx exchange platform. This collaboration signifies Finder's departure from direct crypto trading activities, a field it once vigorously promoted.

The decision to withdraw from crypto trading follows a notable legal triumph in 2023, where the Federal Court determined that Finder’s “Earn” product was not an unlicensed financial instrument. Despite this victory, Finder has been scaling down and adjusting its operations over the past two years. Co-founder Fred Schebesta resigned as co-CEO in 2022 amidst escalating regulatory pressures.

Finder's revised strategy involves a return to its foundational activities of reviewing, ranking, and reporting on tokens, exchanges, and wallets. Swyftx will manage all crypto custody and user migration. Schebesta commended the partnership with Swyftx as a “clean exit” for Wallet Ventures users, ensuring a seamless shift to the Brisbane-based platform.

Swyftx will manage direct transfers for Wallet Ventures users, regardless of whether they have an existing account. CEO Jason Titman emphasized the significance of Finder in the local crypto environment and assured users of a hassle-free migration process. Swyftx will offer continuous customer support to aid users during the transition.

This move by Finder highlights the changing regulatory environment and the obstacles faced by fintech companies in the crypto sector. By collaborating with Swyftx, Finder aims to offer its users a dependable and secure platform for their crypto needs, while focusing on its core competencies in financial comparison services.