Swyftx eyes crypto payments after securing Australian license

Swyftx interim co-CEO Andrea Yuen says the company "won’t be a pure crypto spot exchange in future,” after it secured a license allowing it to offer payment services.

Australian crypto exchange Swyftx says it will be seeking opportunities in the crypto payments space after securing a license from Australia’s market regulator. 

Swyftx said on Wednesday that it received its Australian Financial Services License (AFSL), joining the likes of Coinbase, BTC Markets and Crypto.com. The license allows it to offer derivative products, such as crypto options or futures, to retail customers, as well as non-cash payment facility authorization, setting up the fintech to offer payment services to business and retail clients. It does not hold an AFSL to offer spot crypto. 

“Swyftx won’t be a pure crypto spot exchange in future,” Swyftx interim co-CEO Andrea Yuen told Cointelegraph. “In particular, we see a lot of opportunity in the payments space following local changes to credit card surcharging.”

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