Australia’s financial watchdog sued Finder Wallet, the subsidiary of comparison website Finder.com, over a product crypto-related yield product.
The Finder Earn product closely resembled a debenture, ASIC said.
Australia’s financial watchdog sued Finder Wallet, a subsidiary of comparison website Finder.com, over a crypto-linked yield product. The Australian Securities and Investment Commission sued the startup for “alleged unlicensed conduct and inadequate risk disclosure,” it said inThe product in question, Finder Earn, was offered between February and Nov. 10 this year, and involved converting user deposits in Australian dollars into an Australian dollar-linked stablecoin called TAUD, which Finder then used as working capital. The company offered interest rates on deposits of 4.01% and 6.01%.
Finder Wallet stopped offering its Finder Earn product on Nov. 24, returning all funds to customers, after ASIC informed the company of its concerns. ASIC said it is “seeking declarations and pecuniary penalties from the court.” © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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Finder.com sued by Australian regulator over its crypto yield productThe Australian Securities and Investments Commission (ASIC) began civil penalty proceedings against Finder Wallet, a subsidiary and registered cryptocurrency exchange of Finder.com, over its “Finder Earn” cryptocurrency yield product saying it didn’t have the required license.
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