The Full Federal Court has dismissed the Australian Securities and Investments Commission’s (ASIC) case against Finder Wallet, a subsidiary of Finder.com, agreeing with the original ruling that its Finder Earn cryptocurrency product was not a financial product. ASIC initiated legal action against Finder in 2022, alleging that Finder Wallet operated a financial services business without holding an Australian Financial Services Licence.
Finder Earn allowed customers to invest in stablecoins, a type of cryptocurrency, in return for a fixed yield. Finder is a comparison website allowing users to compare various products. Finder shut down the Finder Earn service in 2022, one month prior to ASIC commencing legal proceedings.
The initial case was dismissed in 2024, leading ASIC to appeal the decision. However, on Thursday, the Full Federal Court dismissed ASIC’s appeal and ordered the corporate watchdog to cover Finder’s legal costs.
Fred Schebesta, Finder’s executive chair and founder, stated that the case exemplifies how innovation can outpace regulation. He expressed hope that the outcome would foster increased communication and collaboration between innovators and regulators, especially as emerging sectors continue to grow.
