The Finder Wallet, which was operational from late February to Nov. 10, 2022, introduced an investment product known as Finder Earn. This allowed users to deposit Australian dollars into their accounts and receive annual compounding returns of 4.01%. The Australian regulator alleged that the Finder Wallet provided financial services without an Australian Financial Services license. However, Justice Markovic ruled in favor of the Finder Wallet, stating that the contraventions of the Corporations Act alleged by ASIC could not be made out as the Finder Earn product is not considered a debenture.
Despite this ruling, the Australian regulator intends to proceed with an appeal, expressing concerns that the Finder Earn product was offered without the appropriate license or authorization, potentially lacking important consumer protections. The details of the appeal hearing in the Federal Court are yet to be determined.