Australian regulators sue Finder Wallet for providing "unauthorized" financial services

2022-12-16 11:08:12

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ChainCatcher news, Australia's financial regulator has sued Finder Wallet, a subsidiary of Finder.com, over a cryptocurrency yield product. The Australian Securities and Investments Commission (ASIC) stated that Finder Wallet "is suspected of unlicensed conduct and insufficient risk disclosure."

The problematic product mentioned by ASIC, Finder Earn, was launched between February and November 10 of this year, involving the conversion of users' Australian dollar deposits into a stablecoin pegged to the Australian dollar called TAUD, which Finder then used as operating capital, offering deposit rates of 4.01% and 6.01%. ASIC stated that Finder Earn is very similar to bonds and requires appropriate licensing.

Finder Wallet ceased operations of Finder Earn on November 24 and returned all funds to customers. (Source link)

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