ASIC Appeals Federal Court Decision on Finder Wallet’s Crypto Product “Finder Earn”
The Australian Securities and Investments Commission (ASIC) is not backing down in its fight against Finder Wallet’s crypto product, Finder Earn. After the Federal Court dismissed ASIC’s case against the product, the regulator has decided to appeal the decision.
ASIC initially sued Finder Wallet in December 2022, alleging that the Finder Earn product was operating as an unlicensed debenture. However, Finder Wallet contested this claim in Federal Court and ultimately emerged victorious in March when the court ruled in its favor.
Despite this setback, ASIC is not giving up. The regulator is concerned about Finder Earn’s lack of proper licensing and consumer protection measures. As a result, ASIC is seeking a review of the case and will present its appeal to the Federal Court at a later date.
Finder Wallet, a subsidiary of the popular comparison website Finder.com, offered the Earn product from late February to November 2022. The product allowed users to deposit Australian dollars, which were then converted into a stablecoin pegged to the Australian dollar. However, following ASIC’s concerns, Finder Earn was discontinued on November 24, 2022, with all customer funds being fully returned.
The outcome of ASIC’s appeal will have significant implications for the crypto industry in Australia and could potentially set a precedent for future cases involving similar products. Stay tuned for updates on this developing story.
