The Australian Federal Court, in an outcome that can only be described as delightfully predictable, has sided with the plucky fintech underdog Finder.com, clearing it of all allegations and confirming that its yield-generating masterpiece, Finder Earn, is in no way, shape, or form a “financial product” that would ever invite the wrath of the Australian Securities and Investments Commission (ASIC). The legal saga, which dragged on for almost three years (truly a length fit for a Shakespearean drama), concluded with a spectacular victory for the fintech firm.
On Thursday, a court decision penned by Justices Stewart, Cheeseman, and Meagher—not exactly a crew of novices, one might add—reinforced an earlier ruling that Finder Wallet and Earn were entirely compliant with the venerable Australian consumer financial laws. A relief, no doubt, for anyone with an investment in peace of mind and a well-regulated ecosystem.
In the highly anticipated judgment, the court reiterated that Finder Earn, as it turns out, is not actually a financial product. To which Finder, with all the grace of an ambitious startup leader, released a blog post to confirm the news: “Yep, we told you so.”
The ruling came a mere three months after ASIC threw a tantrum (read: appealed) following the March court decision which had declared Finder’s Earn product a perfect, squeaky-clean darling of Australia’s financial ecosystem.
As Finder gleefully pointed out, this case marked a historic first: the legal definition of “debenture” was scrutinized in an Australian court under the glaring lights of cryptocurrency. Of course, crypto’s legal labyrinth is as delightfully murky as ever, but hey, at least someone is doing the hard work of untangling it.
Finder Earn, which thrilled users between February and November 2022, allowed patrons to trade their humble Australian dollars for stablecoins, thus earning an annual yield ranging between 4% and 6%. It was as simple as converting currency and hoping that the blockchain fairy sprinkled a little interest on top. And when the product closed, Finder did the decent thing, returning all customer funds—more than 500,000 TrueAUD (or a cool $336,000 for those less crypto-savvy). Bravo!
Victory For Australian Fintech: A Nation Cheers (Maybe)
Finder, basking in the glow of legal victory, expressed its joy in what can only be described as a corporate victory lap. “This is a win not just for Finder, but for fintech in Australia,” declared Fred Schebesta, founder of Finder.com. In a statement that could have been lifted straight from the pages of a Silicon Valley motivational speech, Fred emphasized the need for Australians to be given “compliant, secure access to the next generation of investment opportunities.” A noble cause indeed, Fred—NFTs, staking, yield, and who knows what other blockchain oddities may await us next. Time will tell.
“We built Finder Earn with transparency and integrity from day one,” Schebesta continued, no doubt with a modest smile. “We consulted ASIC throughout.” Because, as anyone will tell you, nothing says ‘trusted startup’ like consulting the regulators every step of the way. And in a particularly philosophical moment, Fred opined that this legal case was really just “innovation pushing ahead of regulation.” Fair enough. Always a good idea to race ahead and let the suits catch up.
Asked about his next steps, Fred hinted at something truly “massive” in the works. No word on whether this will involve world domination or simply an even bigger crypto product—but whatever it is, you can bet it will involve innovation, transparency, and possibly an entire new round of legal discussions.
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2025-07-24 12:50