An Australian court dismissed the country's regulator's lawsuit against the crypto company Finder.com its Earn product

PANews reported on March 14 that, according to Cointelegraph, the Federal Court of Australia rejected a lawsuit filed by the country’s corporate regulator against the sister company of the Australian crypto company Finder.com for finding that its revenue product, Finder Earn, complies with financial laws. In December 2022, the Australian Securities and Investments Commission (ASIC) sued Finder’s subsidiary, Finder Wallet, alleging that its Finder Earn product was an unlicensed financial product that required the exchange to hold a financial services license. In a March 14 order, Judge Brigitte Markovic ruled that ASIC “has not demonstrated that the Finder Earn product is a bond under the Companies Act” and that since each of the breaches alleged by ASIC was premised on a determination that the Finder Earn product was a bond, the breaches should be dismissed with the associated costs. A spokesperson for Finder said the order was “definitely a landmark victory.” When asked if Finder would consider relaunching the Earn product, the spokesperson said there were no plans at this time and reiterated that the decision to close the product was due to rising interest rates at the time, not any regulatory action.