The Full Federal Court of Australia has ruled in favour of fintech firm Finder.com, rejecting an appeal filed by the Australian Securities and Investments Commission (ASIC) and confirming that Finder Earn, the company’s yield-generating crypto product, does not qualify as a financial product under Australian law.
This decision, handed down on July 24, by Justices Stewart, Cheeseman, and Meagher, reaffirms a previous judgment from March 2024. That earlier ruling had found Finder Wallet, the entity operating Finder Earn, to be fully compliant with consumer financial regulations. Significantly, this case marks the first time an Australian court has ruled on the definition of a “debenture” in the context of cryptocurrency, setting a precedent in the evolving regulatory space.
ASIC had maintained that Finder Earn should have been regulated as a financial product, which would require specific licensing and oversight. However, the court concluded that the product, which enabled users to earn yield on their crypto holdings, did not breach financial services laws and therefore did not fall under ASIC’s definition of a financial product.
Following the verdict, Finder CEO and founder Frank Restuccia released a statement expressing satisfaction with the outcome. He emphasized that Finder had always prioritized regulatory compliance and aimed to provide Australians with innovative, secure ways to grow their crypto assets. According to Restuccia, the ruling affirms Finder’s commitment to responsible product development.
Although Finder Earn was voluntarily discontinued in November 2022, the company confirmed that all customer funds were fully returned. Users also received over 500,000 TAUD, a stablecoin tied to the Australian dollar representing nearly $500,000 in total yield.
Meanwhile, ASIC continues to scrutinize the crypto industry. In a separate case, the agency recently imposed a 10-year industry ban on Glenda Maree Rogan, a former financial adviser accused of funneling $9.6 million in client funds into a cryptocurrency scam. This action reflects the regulator’s ongoing focus on ensuring investor protection in the digital asset space.
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