Finder Wallet Wins Court case against Australian Regulator

The Federal Court has ruled that the Australian Securities and Investments Commission (ASIC) charges against Finder Wallet are baseless. The regulator accused the platform of providing unlicensed financial services through the crypto-credit service Finder Earn.

Finder Wallet Wins Court case against Australian Regulator

The dispute between ASIC and Finder Wallet concerned whether Finder Earn is a debt obligation. According to court documents, the Australian regulator has failed to prove that the product can actually be considered as such under local law.

"We are pleased with this outcome, which confirms that Finder has complied with its regulatory obligations by offering services through Finder Earn," wrote Frank Restuccia, CEO and co—founder of the company.

Another representative He added that this is the first time an Australian court has considered the legal definition of a debt obligation in the context of digital assets.

"This is a landmark case in which cryptocurrencies are viewed as a legitimate and compliant industry that takes law enforcement seriously and takes them into account. This is a victory for the crypto sector and a demonstration that innovation can flourish in a regulated environment," Fred Shebesta said in a comment to DL News.

ASIC said it would carefully review the court's decision. The regulator has 28 days to appeal.

ASIC sued her daughter in December 2022. The commission claimed that the firm's cryptocurrency division offered crypto loans without proper registration.

With Finder Earn, users could deposit Australian dollars, which were then converted into the TrueAUD stablecoin. For a cryptocurrency deposit, Finder Wallet paid customers a reward of 4% per annum; sometimes the amount reached up to 6%.

After the lawsuit, Finder closed the crypto lending service. As a result, the company had to pay the affected customers $500 thousand in TrueAUD.


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