Australia: Issued ruling dismissing ASIC lawsuit against Finder Wallet over alleged offer of unlicensed its crypto-asset-related product

On 14 March 2023, the Australian Federal Court dismissed a lawsuit brought by the Australian Securities and Investments Commission (ASIC) against Finder Wallet. The lawsuit alleged that Finder's yield-bearing product, Finder Earn, was an unlicensed financial product and required the company to hold a financial services license. However, the federal court ruled that ASIC had not established that Finder Earn was a debenture under the Corporations Act, thus dismissing the lawsuit. Finder had previously ceased the product, citing strategic business decisions and rising interest rates rather than regulatory review.