Australian fintech company Finder has announced a partnership with Swyftx to facilitate the migration of its users to the latter crypto exchange’s platform. As per the arrangement, Finder Wallet users have the option to migrate their cryptocurrency balances to their existing or newly created Swyftx accounts.

According to a statement, users must consent to having their balances transferred, a process that will be handled by the Finder team. The migration process will see users being sent two links, one for existing Swyftx users and another for new users.

To complete the process, existing Swyftx users will need to log in via the provided link to authorize the transfer. However, the process is slightly different for new Swyftx users.

“New Swyftx customers will be asked to sign up via the link. Once a user has signed up and verified their account via this link, they will receive an email to the address they used to sign up with confirming the transfer of funds from their Finder Wallet to their Swyftx account,” the Finder team explained.

Meanwhile, the statement clarified that Finder Wallet users holding MATIC or FTM will see these tokens converted to POL and SONIC, respectively, upon migration, reflecting potential changes in the underlying assets supported by the platforms.

Finder’s decision to effectively exit the crypto business arrives at a time when the Australian cryptocurrency market is navigating a dynamic regulatory environment. In recent years, the Australian Securities and Investments Commission (ASIC) has taken a more active role in overseeing crypto-related products and services, leading to increased scrutiny and legal challenges for some operators.

For instance, Finder itself was involved in a legal dispute with ASIC regarding its “Earn” crypto product. While Finder ultimately won the case in 2023, it reportedly spent the last two years downsizing.

Swyftx, on the other hand, has seemingly not had problems with regulators, which has allowed it to grow and become a significant player in the Australian cryptocurrency exchange market. The exchange is registered with AUSTRAC, the Australian financial intelligence agency, indicating its commitment to regulatory compliance.

Meanwhile, the Finder team said one lucky user completing the migration process, which takes up to seven days, will win $1,600 (AUD$2,500) in crypto.

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