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
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
Here's How the Fed's Latest Rate Hike Could Affect Your WalletThe Fed's seventh rate hike this year will make it even costlier for consumers and businesses to borrow for homes, autos and other purchases.
Read more »
You're Gonna Need a Crypto WalletThis week, WIRED editor at large Steven Levy joins the show to talk about the development of the Ledger Stax, a cryptocurrency wallet designed by Tony Fadell.
Read more »
Google is beta testing digital state ID cards in its Android Wallet appMaryland residents can now test digital ID in Google Wallet.
Read more »
Google is starting to test digital state IDs in its Android Wallet appGoogle is starting to beta test the ability for Google Wallet users to add and use a digital version of their state ID in Maryland.
Read more »
PayPal Working With Crypto Wallet MetaMask to Offer Easy Way to Buy Crypto.PayPal is partnering with MetaMask to offer users easier ways to purchase and transfer cryptocurrencies such as ether. By LizKNapolitano
Read more »