A court found that Australian crypto firm Finder’s product was a complaint.

The Federal Court of Australia has dismissed a suit against the sister company of Australian fintech firm Finder.com; By finding the product Finder Earn compliant with financial regulations.

In a March 14 order, Judge Brigitte Markovic said the Australian Securities and Investments Commission (ASIC) “did not establish that the Finder Earn product is a binding document” under the Corporations Act – a debt security requirement in which companies pledge to repay borrowed money.

“As each of the Corporations Act objections alleged by ASIC is predicated on the finding that the Finder Earn product is a mandatory document, those objections cannot be sustained. Therefore, the case must be dismissed,” Judge Markovic ruled.

In December 2022, ASIC sued Finder Wallet, a subsidiary of Finder Wallet, that found its product was an unlicensed financial product and required the exchange to hold a financial services licence.

Get the product “sunset” a month ago, which ASIC said was due to reporting the concerns to Finder Wallet, but a spokesperson told Cointelegraph at the time that it was a “strategic business decision that did not result in a regulatory review” due to rising interest rates.

A spokesperson for Finder told Cointelegraph that the order is “certainly a stunning victory.”

Asked if the seeker was considering relaunching the Earn product, the spokesperson said there were no plans at the moment and the decision to close the product was due to rising interest rates at the time, rather than any regulatory action.

In a March 14 blog post, Finder Global CEO and co-founder Frank Restcchia said the firm is “pleased with this result, which confirms that Finder is in compliance with our regulatory obligations.”

“We understand and respect the importance of good regulation to protect consumers and have engaged openly and proactively with ASIC from the outset,” Rustcchia added.

In a statement on March 14, ASIC's executive director of enforcement and compliance, Tim Mullally, said the regulator was following up on the case “considering that this product was issued without proper authorization or authorization and therefore without the benefit of important consumer protections.”

The statement said ASIC would “consider the judgment very carefully”. Stating that he has 28 days to file an appeal with the three-judge Federal Full Court.

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It comes a month after ASIC was awarded a partial Federal Court victory in its action against crypto product platform Agner.

In that case, Judge Jackman – the brother of actor Hugh Jackman – ruled that Block Earner needed a financial services license to face fines against Earner's production of the product.

Jackman stopped short of classifying Block Earner's DeFi “access” product as requiring a license, saying it didn't work as a managed investment method.

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