Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»ASIC appeals Federal Court ruling over Finder Wallet’s “earnings” product
ADOPTION NEWS

ASIC appeals Federal Court ruling over Finder Wallet’s “earnings” product

By Crypto FlexsApril 11, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
ASIC appeals Federal Court ruling over Finder Wallet’s “earnings” product
Share
Facebook Twitter LinkedIn Pinterest Email

The Australian Securities and Investments Commission (ASIC) has appealed a Federal Court ruling that found Finder Wallet’s “Earn” product complies with Australian financial law, raising consumer protection concerns.

The Australian Securities and Investments Commission (ASIC) has filed an appeal against the Federal Court’s decision to reject a lawsuit brought against Finder Wallet Pty Ltd and its cryptocurrency product “Earn”. The court previously decided that Finder Wallet complied with the laws governing financial services in Australia. This ruling is likely to have a significant impact on future cases in Australia related to cryptocurrency and regulatory compliance.

To provide some context, the Australian Securities and Investments Commission (ASIC) commenced legal action against Finder Wallet in December 2023, accusing Finder Wallet of engaging in financial services by offering a “earnings” product without first obtaining an Australian financial services license. It was stated that the rules were violated. (AFSL). The Australian Securities and Investments Commission (ASIC) said the product acts as a private bond, a type of financial instrument that must be disclosed to regulators as well as issue a target market statement. Finder Wallet reportedly does not meet all of these requirements.

The lawsuit brought by the Australian Securities and Investments Commission (ASIC) was dismissed by the Federal Court in March 2024. The Federal Court stated that ASIC failed to prove whether the ‘Earning’ product provided by FinderWallet was a private loan or a private loan. It was operating within legal boundaries. Considering the fact that the funds transferred to Finder Wallet were not used for the purpose of raising capital for the company, the court rejected the argument that the funds amounted to deposits or loans. On the other hand, the court characterized the connection between Finder Wallet and the consumer as a contractual promise, unlike the typical debt repayment associated with private loans.

The Australian Securities and Investments Commission (ASIC) has lodged an appeal against the Federal Court decision. ASIC expressed concern that “Earn” products were being sold without the required licenses or permits, thereby omitting important consumer protections. This appeal is an attempt to address the need for appropriate licensing and regulatory controls in the cryptocurrency space. This is done with the aim of ensuring that consumers are appropriately protected when interacting with these types of products.

The appeal decision filed by the Australian Securities and Investments Commission (ASIC) could have significant implications for the regulation of Bitcoin products in Australia. The purpose of this investigation is to assess whether companies selling similar cryptocurrency-based products must obtain the necessary licenses and comply with regulatory responsibilities. Additionally, this appeal raises awareness of the importance of consumer protection measures in the rapidly evolving cryptocurrency business.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025
Add A Comment

Comments are closed.

Recent Posts

ETF publisher’s latest warning -SEC’s approval process ‘Innovation, AIDS GIANTS’

June 7, 2025

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025

Trump memoin is faced with a $ 520m lock in July and the price drops by 85%.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Strategy to raise almost $ 1B by STRD priority proposal for BTC accumulation

June 7, 2025

Hash research CEO is appointed chief policy officer at the presidential office

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

ETF publisher’s latest warning -SEC’s approval process ‘Innovation, AIDS GIANTS’

June 7, 2025

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025
Most Popular

National Police Agency requests assistance from Interpol for repatriation of Do Kwon from Terra

March 8, 2024

What is Bitget? | The Block

July 31, 2024

Altcoin, up nearly 95% in a month, could see gains this year with an upgrade: Pantera Portfolio Manager

January 10, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.