Aussie Crypto Platform Cancels $1 Billion Merger Plan After FTX Crash: Report

the exchange for allegedly facilitating money laundering procedures, which could have triggered Superhero’s withdrawal from the agreement.

Swyftx’s CEO Alex Harper said the regulatory environment in Australia had changed drastically over the past few months, erasing the financial advantages of the merger: “The policy environment has changed significantly since we announced the merger, and neither party has been able to realize the vision of the merger in any meaningful way. We currently face a scenario where there might be no realized benefits to customers from the merger until 2024 at the earliest. It is a disappointing outcome, but ultimately, we took this decision in the best interests of both Superhero and Swyftx, as well as their customers.

CEO Harper assured his firm had no direct exposure to the bankrupt FTX and raised hopes that the amendments will help it endure the current challenging times.

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