Australia’s Federal Court ruled Finder’s Earn product is not a financial instrument, defeating ASIC’s appeal in a major win for the country’s fintech sector.
The Australian Federal Court ruled in favor of fintech company Finder.com, clearing it and its yield-generating product, Finder Earn, in a legal battle with the Australian Securities and Investments Commission (ASIC) that lasted almost three years.
In a Thursday court decision, Justices Stewart, Cheeseman and Meagher confirmed a previous judgment that Finder Wallet and Earn complied with consumer financial laws.
The federal court “confirmed the initial finding that Finder Earn was not a financial product,” Finder said in a Thursday blog post.
