Fun

Australia's securities regulator appeals loss in Finder Wallet case

News Feed - 2024-04-11 09:04:37

Brayden Lindrea8 hours agoAustralia"s securities regulator appeals loss in Finder Wallet caseASIC argues a federal court judge “erred” in finding that Finder Earn was not a “debenture” — and thus compliant with Australian financial rules.2591 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Australian Securities and Investments Commission (ASIC) has filed to appeal its court loss against Finder Wallet, a sister company of Australian fintech firm Finder.com, over its “Earn” product which was found to be compliant with Australia’s financial laws by a federal court last month.


ASIC previously argued that Finder Wallet’s yield-bearing product operated without an appropriate license or authorization. But Federal Court Justice Brigitte Markovic dismissed the case on March 14, ruling ASIC failed to establish that Finder Wallet’s Earn product constituted a “debenture” — a debt security where companies promise to pay back borrowed money with interest — under the Corporations Act.


In the April 10 filing, ASIC argued Justice Markovic “erred” in this finding because there was no depositing of money or a loan to Finder Wallet when an investor used the Finder Earn product.


Additionally, “there was no undertaking by Finder Wallet to repay money as a debt,” the securities regulator argued.Source:Tom Richardson


“ASIC has appealed this decision because it is concerned that the Finder Earn product was offered without the appropriate license or authorization and therefore without the benefit of important consumer protections,” ASIC argued in a separate statement on April 10.


The appeal will be heard by the Full Federal Court on a date to be determined. The court hears appeals from the Federal Court on matters of “sufficient importance.” It is the second highest court behin the High Court of Australia.


A Finder spokesperson told Cointelegraph the firm is “disappointed” with ASIC’s decision not to accept the Federal Court ruling but is prepared to diligently defend its product in the Full Federal Court.


Offered between February and November 2022, users of the Finder Earn product could convert Australian dollars into TrueAUD (TAUD) — a stablecoin pegged to the Australian dollar, which could then be transferred to Finder Wallet in exchange for receiving a yield between 4-6%.


ASIC filed the lawsuit against Finder Wallet in December 2022, arguing it was an unlicensed financial product.


Related:Former Blockchain Global director restricted from leaving Australia


ASIC also claimed Finder Wallet "sunset" the product one month earlier because it notified the firm of its concerns. However, a spokesperson told Cointelegraph at the time that it was “a strategic business decision” due to increased interest rates and “not brought on by regulatory review.”


Last month, a Finder spokesperson told Cointelegraph the firm doesn’t have any intention to relaunch Finder Earn despite the court victory.


Magazine:Wealthy, isolated, and incredible beaches: Perth Crypto City Guide# Altcoin# Law# Business# Australia# Court# Stablecoin# DeFiAdd reaction

News Feed

Court denies Kraken’s motion to dismiss SEC lawsuit
Alex O’Donnell3 hours agoCourt denies Kraken’s motion to dismiss SEC lawsuitThe SEC alleges Kraken is operating an unregistered securities exchange.606 Total views2 Total sharesListen to article 0:00NewsOwn this piec
Bitcoin drops below $54K as crypto liquidations near $665M
Jesse Coghlan5 hours agoBitcoin drops below $54K as crypto liquidations near $665MAround $222 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since F
Ideaology Launches IEO Public Sale Today on Bitcoin.com Exchange
Ideaology Launches IEO Public Sale Today on Bitcoin.com Exchange PRESS RELEASE. January 26, 2020– Bitcoin.com Exchange, one of the leading authorities in t
Kevin O’Leary: FTX Collapse Is a Turning Point for the Industry — ‘Crypto Bottom Is In’
Kevin O"Leary: FTX Collapse Is a Turning Point for the Industry — "Crypto Bottom Is In" Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has investments in FTX. Following
Finder’s Experts Predict Ethereum Will Reach $4.5K This Year, $18K in 2025
Finder"s Experts Predict Ethereum Will Reach $4.5K This Year, $18K in 2025 Ethereum will have a very bullish year, according to a price prediction poll made by F
Jesse Coghlan7 hours agoMetaverse tech gets US greenlight to use speedier 6GHz frequencyThe United States Federal Communications Commission made the decision amid a flurry of mixed reality devices hitting the market.1675
Bitcoin, Ethereum Technical Analysis: BTC Below $20,000 as Markets React to Increasing Dollar Strength 
Bitcoin, Ethereum Technical Analysis: BTC Below $20,000 as Markets React to Increasing Dollar Strength  BTC fell below $20,000 on Tuesday, as volatility in financial markets conti
Unity Gaming Engine Launches Blockchain and Web3 Integration Options
Unity Gaming Engine Launches Blockchain and Web3 Integration Options Unity, a gaming engine development company, has announced the introduction of several blockchain-based integrat
Binance will end support for BUSD stablecoin in December
Turner Wright2 hours agoBinance will end support for BUSD stablecoin in DecemberMany users" Binance USD balances will automatically be converted into First Digital USD starting on Dec. 31.1902 Total views11 Total sharesL
ZachXBT claims 21 North Korea crypto devs are making $500K a month
Stephen Katte7 hours agoZachXBT claims 21 North Korea crypto devs are making $500K a monthOnchain sleuth ZachXBT claims to have found a network of North Korean developers who have been working on dozens of crypto project
Tom Mitchelhill2 hours agoDApp store for your wallet: Consensys readying cross-chain Metamask SnapsThe upcoming MetaMask Snaps will allow users to interact with different blockchains, like Bitcoin and Solana, from inside
Turner Wright6 hours agoPro-crypto lawmaker Tom Emmer wins Republican nomination for House speakerIt’s unclear if Emmer will have enough support to win in a full floor vote, but the lack of a speaker of the House has e