Federal Court of Australia rules in favour of Finder
The Federal Court of Australia today dismissed proceedings brought by ASIC against Finder Wallet.
The Judgment, handed down by Justice Markovic, ruled that Finder Earn was compliant with applicable consumer financial laws.
The case was the first time in Australia that the legal definition of debenture has been tested in an Australian court in relation to cryptocurrency.
Finder's Global CEO and Co-Founder, Frank Restuccia, welcomed the decision.
"At Finder, we put the customer first. We work hard to empower customers to make better financial decisions to change their lives for the better.
"We are proud to have developed Finder Earn as a way for Australians to earn yield on their cryptocurrency investments in what was an ultra-low interest rate environment.
"We are delighted with this outcome, which confirms that Finder was compliant with our regulatory obligations in offering Finder Earn to our customers.
"We understand and respect the importance of good regulation to protect consumers and we engaged openly and proactively with ASIC from the outset," Restuccia said.
Finder Executive Chair and Co-Founder, Fred Schebesta, said he hopes that all Australians are empowered to experiment and innovate with boldness.
"Innovation always moves faster than regulation, and this case is a great example.
"It highlights the need for more open communication between innovators and regulators, to navigate emerging sectors by ensuring a collaborative approach to both progress and compliance.
"Innovation is core to our DNA at Finder and we'll continue to innovate for the benefit of our customers," Schebesta said.
Finder chose to sunset Finder Earn in November 2022 and all customer capital was returned, as well as over 500,000 in TAUD – valued at $500,000 in combined yield earned.