Aussie Crypto Exchange Goes Back to School to Take on Scammers

Swyftx, an Australian crypto exchange, is taking a distinctly educational tack. Launching its “Earn and Learn” platform on Sept. 6, the company plans to offer courses that aim to inoculate the public against various crypto scams. These can range from misleading tokens to pump-and-dump schemes.

Undeniably, the timing of this initiative couldn’t be more appropriate. According to recent data from Scamwatch, it is evident that Australians have suffered significant financial losses. Specifically, they have already lost over A$242 million to crypto and investment scams in the year 2022 alone.

Crypto Community Hungry for Knowledge and Avoid Scams

Swyftx’s foray into education seems an ambitious but logical extension of its growing platform, boasting 660,000 customers.

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Tom Mathews, the company’s head of corporate affairs, believes the crypto community is hungry for genuine knowledge. He see Australia as a fertile ground for crypto enthusiasts but a wasteland for formal regulation.

“The demand for quality educational resources is close to exponential at the moment,” says Mathews.

The crypto exchange is offering a reward of A$5, approximately $3.20 in Bitcoin. The reward will be paid to the first 4,000 people who complete the initial course focused on fundamental analysis. Over the year, a participant can earn up to $64.30 in rewards. Swyftx anticipates the engagement of 80,000 Australians in this program.

Incentivizing education this way could be a game-changing approach to bolster the industry’s reputation while empowering its user base.

Australia Struggling to Regulate Market

Meanwhile, the broader Australian regulatory environment is undergoing seismic shifts. New divisions within the Federal Police have been instituted to combat a new class of crypto-based money laundering, already exceeding their 2024 targets.

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Regulating bodies like the Australian Prudential Regulation Authority are scrambling to draft roadmaps and risk management plans, signaling an emerging awareness at the institutional level that cryptocurrency isn’t just a speculative playground but an evolving financial ecosystem that demands oversight.

In the absence of such regulation, the risks are dire. Innovative fraud schemes like “pig butchering,” where con artists swindle victims through engineered crypto-trading platforms, have emerged.

Such methods demonstrate the level of sophistication scammers have reached and emphasize the necessity for quality education in the crypto space.

The beauty of Swyftx’s educational gambit lies in its simplicity. Mathews suggests that knowledge, not hype, will drive the next crypto market cycle. This positions Swyftx’s “Earn and Learn” as a template for an industry that needs trusted voices and authoritative guidance.

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