ASIC insists: Finder provided unlicensed financial services to clients, thereby violating laws requiring the disclosure of information about products. Distributing the Finder Earn program without regulatory approval deprived local investors of protections, officials say.
In mid-March, Judge Brigitte Markovic ruled that Finder complied with the necessary requirements and therefore rejected the regulator's request to fine the platform.
ASIC says Judge Markovic was wrong in her findings because Finder Earn is not a deposit or loan service. The Finder Earn program stopped working on November 24, 2022, that is, shortly after the regulator’s requirement, ASIC representatives recalled in court.
A Finder spokesperson responded that closing the program was a “strategic business decision” to raise interest rates and was not related to regulatory scrutiny. Finder's management is disappointed that ASIC does not agree with the court's decision and the company will continue to vigorously defend its product.
According to ASIC survey results published in 2022, only 20% of cryptocurrency owners consider investing in digital assets to be risky, and the rest do not fully understand the risks of crypto investments.
Source: Bits
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