Court confirms compliance of Finder’s Earn product, an Australian crypto firm

An Australian federal court has thrown out a lawsuit brought by the country’s corporate regulator against a sister company of Australian fintech firm Finder.com, ruling that its yield-bearing product Finder Earn complied with financial laws. The court determined that the product was not a debenture, as alleged by the Australian Securities and Investments Commission (ASIC), and therefore ASIC’s claims could not be substantiated. ASIC had sued Finder Wallet, a subsidiary of Finder, alleging that its Finder Earn product was unlicensed and required a financial services license. Finder had already discontinued the product, citing strategic business decisions and rising interest rates rather than regulatory concerns. Finder hailed the court’s decision as a “landmark win” and confirmed its compliance with regulatory obligations. ASIC has 28 days to appeal the ruling.