ASIC appeals Federal Court's dismissal of Finder charges
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The news: The corporate regulator has appealed the Federal Court’s decision to dismiss its proceedings against Finder.com's crypto exchange platform Finder Wallet, after allegations it operated unlicensed financial services via its "Finder Earn" product.
The context: The Australian Securities and Investments Commission (ASIC) announced its lawsuit against Finder Wallet in December 2022, alleging the company had provided unlicensed financial services in the form of its Finder Earn product.
ASIC also alleged Finder Wallet, a subsidiary of comparison website Finder.com and an AUSTRAC-registered Digital Currency Exchange, failed to offer adequate risk disclosure
However, the Federal Court disagreed and dismissed ASIC’s proceedings last month.
ASIC has appealed this decision due to concerns that the Finder Earn product was offered without the appropriate licence or authorisation and therefore without the benefit of important consumer protections.
The appeal will be heard by the full Federal Court on a date to be determined.
The source: ASIC media release
