ASIC to Appeal Dismissal of Case against Finder’s Crypto Asset Product
Highlights
- ASIC has filed an appeal against the Federal Court's ruling to dismiss ASIC's proceedings against Finder Wallet Pty Ltd.
- On March 14, 2024, the Federal Court had rejected ASIC's arguments and dismissed the case.
- ASIC's decision to file an appeal against the decision stems from the idea that the Finder Earn product was provided without the necessary license or authorization.
Australia’s ASIC has said that it will appeal against the dismissal of the Finder crypto asset product case. ASIC’s decision to file an appeal against the decision stems from the idea that the Finder Earn product was provided without the necessary license or authorization and as a result did not come with crucial consumer protections.
Australia’s ASIC to Appeal Against Dismissal of Finder Crypto Asset Case
According to reports, ASIC has filed an appeal against the Federal Court’s ruling to dismiss ASIC’s proceedings against Finder Wallet Pty Ltd. The allegations against the company were that it provided unlicensed financial services, violated product disclosure laws, and neglected to fulfill design and distribution responsibilities for its product, “Finder Earn,” which is related to crypto assets.
The Finder Earn product was purportedly a debenture by ASIC. On March 14, 2024, the Federal Court had rejected ASIC’s arguments and dismissed the case. Additionally, because it believes that the Finder Earn product was provided without the necessary license or authorization and as a result did not come with crucial consumer protections, ASIC has filed an appeal of this ruling.
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Finder’s Discontinued Crypto Asset Product
The previous decision of the Australian Federal Court to dismiss the case filed by the Australian Securities and Investments Commission (ASIC) against Finder Wallet, a Finder.com subsidiary had caused shockwaves in the market. The ruling, which upheld Finder Wallet’s adherence to financial regulations on its crypto assets, was delivered by Justice Brigitte Markovic.
The court rejected ASIC’s accusations of regulatory non-compliance, underscoring the need to follow licensing and compliance requirements for financial products. Finder praised the decision as a “landmark win” and expressed happiness with the outcome. In addition, the company made it clear that it decided to end Finder Earn due to strategic business considerations rather than regulatory pressure, especially in light of shifting market dynamics including rising interest rates.
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