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Australian crypto exchange Swyftx laid off more than 20% of staff

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australian crypto exchange swyftx

Australian crypto exchange Swyftx laid off 21% of its staff amid a merger with another trading company, Superhero, media reported.

Australian cryptocurrency exchange Swyftx laid off 74 employees (21% of staff) citing an “extended period of economic uncertainty. The Australian Financial Review wrote about it, citing the co-founders of Swyftx Alex Harper and Ryan Parsons.

They say the exchange is operating in an uncertain business environment, including rising inflation, interest rates, threats of a global recession and volatility across all asset classes. It remains unclear exactly which specialties have been hit by the cuts.

Earlier, Swyftx went ahead with a merger with Australian investment platform Superhero. As part of the agreement, the parties intend to create a single company with a capital of $1.5 billion and a user base of 800,000 people.

In late June, Australian cryptocurrency exchanger Banxa laid off 30 percent of its staff to cut operating costs amid an ongoing bear market. As Banxa CEO Holger Arians said, Banxa’s market capitalization has almost halved in a matter of days amid the market crash.

In addition, since the beginning of 2022, the quotation of the BNXA native token has fallen by more than 65%. The head of the company also acknowledged that market volatility could persist for another twelve months. That said, many who compare binance vs swyftx vs coinspot choose swyftx.

A month later, another crypto exchange, CoinFLEX, also announced plans to lay off 50-60% ofits employeess to focus on preserving business ahead of the return of trading volume. All of the exchange’s departments from different countries will be affected by the layoffs. CoinFLEX says the layoffs will help the company adjust for a possible takeover or partnership.

We previously reported that the European Central Bank Is pressurings ahead with digital currency.

Cryptocurrency

Korea begins blocking bitcoin holdings of Terra founder

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Terra founder

The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.

The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.

According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.

Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.

Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.

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Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services

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Revolut cryptocurrency wallet

Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked. 

In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.

Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.

Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.

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U.S. exchange regulator fines Tether auditor company $1.5 million

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Tether full audit

Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).

According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.

Tether full audit

Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.

The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.

Earlier we reported that Vitalik Buterin announced the release of his book.

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