Finder Defeats ASIC in Court Over Legality of Crypto Yield Product
TLDR
- The Federal Court ruled that Finder Earn is not a financial product under Australian law.
- The court dismissed ASIC’s appeal against Finder after a three-year legal dispute.
- The court found that TrueAUD is property and not money, which excludes it from being a debenture.
- Customers using Finder Wallet did not make loans or deposits, according to the court’s analysis.
- The court upheld that Finder Earn complied with financial regulations during its operation from February to November 2022.
Australia-based fintech company Finder has secured a court victory against the Australian Securities and Investments Commission (ASIC). The Federal Court dismissed ASIC’s appeal concerning the regulatory status of Finder’s…
