ASIC appeals Finder Wallet decision

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Overview

The Federal Court disagreed and dismissed ASIC’s proceedings on 14 March 2024. This is because ASIC could not establish that Finder Earn was a debenture. The appeal will be heard by the Full Federal Court on a date to be determined.

Background

In December 2022, the Australian Securities and Investments Commission (ASIC) filed a lawsuit against Finder Wallet, alleging it carried on a financial services business without an Australia Financial Services Licence.

This allegation stemmed from Finder Wallet’s Finder Earn product, which reportedly provided a debenture without the necessary disclosure document or target market declaration.

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Notice of Appeal

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