With more regulators eyeing the crypto space as the FTX debacle continues, the $1.5 billion merger of Superhero, an Australian online investing platform, and Swyftx, an Australian crypto exchange, has been cancelled.
Superhero said in an email to customers that it will not proceed with the merger due to increased regulatory scrutiny of cryptocurrency in Australia and around the world, writing: “As a result of the current environment, we have decided that the best thing for our Superhero customers is to unwind the merger and move forward as a separate, unrelated company.”
Swyftx also assured users that their funds are secure because neither their data nor their assets were provided to the company.
Earlier on June 8th, both the companies first announced the merger, revealing plans to enable trading between traditional and crypto assets. Months later, the crypto exchange announced several layoffs.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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