Australian fintech firm Finder has officially exited the cryptocurrency market, partnering with local crypto exchange Swyftx to facilitate the transition of its wallet users. The move comes amid intensifying regulatory scrutiny in Australia and marks a strategic shift in Finder’s business operations.

User Consent Required for Migration

Finder Wallet users are not being automatically migrated to Swyftx. Instead, the transition process requires user approval through a secure and unique link. This step ensures that customers retain control over their crypto holdings throughout the handover process.

Existing Swyftx users must log in through a designated link to authorise the transfer of their funds from Finder Wallet. Those without a Swyftx account will need to register and complete verification via a separate link provided by Finder. Once verification is complete, these new users will receive an email confirming the successful migration of their crypto assets.

Finder has confirmed that the migration process could take up to seven days to finalise. The company has also introduced a promotional incentive: one user who completes the transfer will be randomly selected to receive a crypto reward valued at $1,600 (AUD $2,500).

Token Changes: MATIC and FTM Holders Take Note

As part of the migration, users holding specific tokens will see changes to their asset types. MATIC (Polygon) tokens will be converted into POL, a new token aligned with updated network standards. Similarly, FTM (Fantom) holdings will be converted into SONIC, reflecting broader upgrades to token standards on the Swyftx platform.

These conversions are not optional and will be completed automatically during the migration process. Finder has advised affected users to review the updated token information on the Swyftx platform to understand how these changes may impact their holdings and any associated utility or trading value.

Regulatory Pressures Behind the Exit

Finder’s exit from the crypto space is largely driven by increasing regulatory pressure from Australian authorities. Over the past two years, the Australian Securities and Investments Commission (ASIC) has ramped up oversight of crypto-related products and services. This tightening of regulations has triggered enforcement actions and legal challenges against several crypto platforms operating within the country.

Finder itself faced legal action from ASIC over its “Earn” product, which was accused of being an unlicensed financial service. Although Finder successfully defended itself in court in 2023, the lawsuit signalled a shift in the regulatory landscape that has made it more difficult for fintech firms to operate freely in the crypto sector.

Following the legal victory, Finder began scaling back its involvement in crypto services, and this latest move represents the final step in its withdrawal from the space.

Swyftx Positioned as a Regulator-Friendly Alternative

In contrast to Finder’s cautious retreat, Swyftx continues to operate with a strong reputation for regulatory compliance. Based in Brisbane, the exchange is registered with AUSTRAC, Australia’s financial intelligence agency responsible for monitoring money laundering and financial crime risks. This registration strengthens Swyftx’s credibility among Australian users and positions it as a stable and compliant platform for crypto trading and asset management.

The collaboration between Finder and Swyftx allows users to retain access to their crypto holdings while moving to a platform that is perceived as more aligned with the expectations of Australian regulators.

A Strategic Shift for Finder

Finder’s departure from the cryptocurrency arena underscores a broader realignment of its business strategy. While the company was once eager to explore digital assets, shifting regulatory priorities have prompted a focus on its core offerings such as comparison tools, financial advice, and digital banking services.

This move also reflects a maturing fintech environment in Australia, where regulatory clarity is beginning to reshape the industry’s direction. For Finder, stepping back from crypto may allow the company to redirect resources towards areas with fewer compliance hurdles and more predictable growth opportunities.

Meanwhile, Swyftx stands to benefit from an expanded user base and strengthened position in the local crypto market.