According to Odaily Planet Daily, the Australian Securities and Investments Commission (ASIC) has appealed against Finder Wallet's Earn product case. Previously, the Australian Federal Court ruled that Finder Wallet's Earn product complied with Australian financial regulations. ASIC had stated that Finder Wallet operated its income-based products without obtaining proper licenses or authorizations.
However, Federal Court Judge Brigitte Markovic ruled that ASIC had failed to prove that Finder Wallet's Earn product constituted a "bond" as defined in the Corporations Act. ASIC challenged this ruling and pointed out in its appeal documents on April 10 that investors did not deposit funds or provide loans to Finder Wallet when using the Finder Earn product.
ASIC stressed that Finder Wallet had not assumed any obligation to repay the debt. In a separate statement on April 10, ASIC argued: "ASIC is appealing this decision because it is concerned that the Finder Earn product was provided without appropriate licences or authorisations and therefore was not afforded important consumer protections." Its appeal will be heard by the full bench of the Federal Court at a date to be determined.
