Swyftx Secures ASIC License for Non-Cash Payment Services 'We Won't Be a Pure Crypto Spot Exchange in Future'

Digital asset brokerage Swyftx has been granted an Australian Financial Services Licence by ASIC. The Brisbane-based fintech, which serves over one million clients across Australia, New Zealand, and the US, says it will use the regulated status to pivot beyond spot trading and expand into crypto payments.

Swyftx is no longer just a crypto exchange. The Brisbane-based digital asset brokerage has secured an Australian Financial Services Licence from ASIC, giving it regulatory permission to offer non-cash payment services, retail derivatives, and basic deposit products. The approval positions Swyftx alongside Coinbase, BTC Markets, and Crypto.com as one of the few crypto firms in Australia to hold the credential.

The licence does not cover spot crypto trading, meaning Swyftx cannot use it to directly buy, sell, or hold assets like Bitcoin on customers' behalf. But the company is signalling a strategic pivot. "Swyftx won't be a pure crypto spot exchange in future," interim co-CEO Andrea Yuen told Coin telegraph." In particular, we see a lot of opportunity in the payments space.”

The timing is deliberate. From October 1, Australian businesses will be banned from adding surcharges on Visa and Mastercard debit and credit card payments, forcing merchants to absorb the costs. Swyftx sees this as an opening to pitch crypto and stablecoins as a cheaper alternative payment rail.

The licence comes as Australia's crypto regulatory landscape tightens. Legislation passed in April requires most crypto firms to hold an AFSL from April 9, 2027, bringing them under the same obligations as other regulated financial institutions. ASIC has extended the grace period for applications to September 30 and has received around 30 applications from crypto businesses since October last year.

"We won't be a pure crypto spot exchange in future," said Andrea Yuen. "It's an enormous responsibility to be a regulated financial service."

Founded in 2019 by Brisbane entrepreneurs Alex Harper and Angus Goldman, Swyftx has grown rapidly through acquisitions, buying New Zealand's Easy Crypto and boutique broker Caleb & Brown in 2025. The company now serves more than one million customers across Australia, New Zealand, and the US.

Here is the question this licence raises. Swyftx has spent six years building a spot exchange with over one million customers. Now it has an AFSL that doesn't cover spot trading, and it wants to pivot to payments at the exact moment Australia is banning card surcharges. When a crypto exchange becomes a payment processor, is it diversifying or just chasing the next regulatory loophole?

As Swyftx secures ASIC approval for non-cash payment services and sets its sights on a broader financial services future, The Silicon Review asks a final question. When the regulatory clock is ticking toward 2027, will Swyftx's first-mover advantage be enough to build a payments business before competitors catch up or will the AFSL become a trophy that looks better on the wall than on the balance sheet?

FAQ:

Q: What licence did Swyftx secure from ASIC?
A: Swyftx secured an Australian Financial Services Licence, which includes authorisation for non-cash payment facilities, retail derivatives, and basic deposit products.

Q: Does Swyftx's AFSL cover spot crypto trading?
A: No. The licence does not cover spot crypto trading, meaning Swyftx cannot use it to directly buy, sell, or hold assets like Bitcoin on customers' behalf.

Q: Why is Swyftx moving into crypto payments?
A: From October 1, Australian businesses will be banned from adding surcharges on Visa and Mastercard payments. Swyftx sees this as an opportunity to offer crypto and stablecoins as a cheaper payment alternative.

Q: How many customers does Swyftx serve?
A: Swyftx serves more than one million clients across Australia, New Zealand, and the United States.

Q: What is the deadline for crypto firms to obtain an AFSL?
A: Legislation passed in April 2026 requires most crypto firms to hold an AFSL from April 9, 2027. ASIC extended the grace period for applications to September 30, 2026.