Finder is exiting the crypto trading business. According to an announcement, the comparison site will shut down Wallet Ventures, its in-app crypto exchange, on June 19, signing a deal with Swyftx to migrate users to the Brisbane-based platform.
The move marks a quiet retreat from a sector Finder once heavily fought to defend.
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Just last year, the company beat the Australian Securities and Investments Commission (ASIC) in court after the regulator claimed Finder’s “Earn” product was an unlicensed debenture. The Federal Court disagreed, handing Finder a rare win against ASIC’s crypto crackdown. Something similar happened not too long when the Court ruled in favour of Block Earner.
Despite the legal win, Finder has spent the last two years downsizing and recalibrating. Co-founder Fred Schebesta stepped down as co-CEO in 2022 amid increasing regulatory heat.
However, Finder stressed that it’s not exiting crypto entirely. The partnership will allow Finder to return to its roots: reviewing, ranking, and reporting on tokens, exchanges, and wallets. But building and maintaining infrastructure is long gone.
Schebesta praised the Swyftx deal as a “clean exit” for Wallet Ventures users.
We were first to market with this groundbreaking product, and we’re excited to see our customers offered a seamless transition to Swyftx,
Moreover, Swyftx will facilitate direct transfers for Wallet Ventures users, with or without an existing account. CEO Jason Titman called Finder “an iconic name” in local crypto, and stated that both entities will make sure an easy migration takes place:
We’ve set-up a secure process so that Wallet Venture customers can transfer crypto assets to their own individual accounts on Swyftx and they’ll have access to our round-the-clock customer support.
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José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
Crypto News Australia provides you with the most relevant Bitcoin, cryptocurrency & blockchain news.
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