Australia: Announced ASIC lawsuit against Finder Wallet

On 15 December 2022, the Australian Securities and Investments Commission (ASIC) announced the commencement of civil penalty proceedings in the Federal Court against Finder Wallet. The company is accused of providing unlicensed financial services, breaching product disclosure requirements, and failing to comply with design and distribution obligations in relation to its crypto-asset-related product, Finder Earn. ASIC alleges that Finder Earn, offered between late February and 10 November 2022, was in substance a debenture and that Finder Wallet required an Australian financial services licence to offer it. The case management hearing date is yet to be scheduled by the Court.