Case summary
What happened
Finder Wallet offered Finder Earn from late February through 10 November 2022. Customers deposited Australian dollars, which were converted to TAUD and allocated to Finder Wallet, and received annual compounding returns of 4.01% or 6.01%. After ASIC notified Finder Wallet of concerns, the product ceased from 24 November 2022 and ASIC states that all customer funds were returned in full. ASIC commenced civil proceedings in December 2022, but the Federal Court dismissed the case in March 2024 and the Full Federal Court dismissed ASIC's appeal in July 2025.
Customer result
Customer outcome
Full repayment
ASIC states that all funds were returned in full. This customer outcome is distinct from the later regulatory litigation, which the courts dismissed. No insolvency, creditor haircut, delayed claim process or continuing customer recovery is inferred.
- Estimated recovery
- 100% of customer funds, based on ASIC's statement that all Finder Earn funds were returned in full to customers after the product ceased.
- Repayment started
- —
- Repayment completed
- 2022-11-24
- Confidence
- High
Asset treatment
Terms risk
Unclear
Do not classify the product as a bank deposit, insured account, self-custody arrangement, trust asset or upheld unlicensed debenture. The full customer return is an outcome fact and does not retroactively remove the product's platform-credit and legal-structure risks.
- Affected product
- Finder Earn deposits, TAUD conversion, working-capital allocation, fixed returns and exit balances
- Confidence
- High
ASIC states that customer Australian dollars were converted to TAUD and allocated to Finder Wallet for its own working-capital use, with customers receiving Australian dollars when exiting. This establishes centralized economic control but does not, by itself, resolve every legal-title, trust, segregation or insolvency question. The courts held that Finder Earn was not a debenture.
Known unknowns
Uncertainty
ASIC describes the offer period as beginning in late February 2022, so no exact launch day is assigned. Regulatory action is used because the product ceased after ASIC raised concerns and litigation followed; it does not mean a breach was upheld. Both the first-instance court and the Full Federal Court rejected ASIC's debenture allegation. Product closure is separate from the continuing Finder comparison business and from Wallet Ventures Pty Ltd, the renamed Finder Wallet entity.
Chronology
Historical record
Finder Earn ceased and customer funds were returned in full
After ASIC notified Finder Wallet of concerns, Finder Earn ceased being offered from 24 November 2022. ASIC states that all customer funds were returned in full. This product closure is not classified as insolvency or customer loss.
ASIC commenced civil proceedings over Finder Earn
ASIC commenced Federal Court proceedings alleging that Finder Wallet provided unlicensed financial services and failed disclosure and design-and-distribution obligations because ASIC considered Finder Earn to be a debenture. These were allegations and were later rejected by the courts.
Federal Court dismissed ASIC's Finder Earn case
The Federal Court found that Finder Wallet did not provide unlicensed financial services in relation to Finder Earn and rejected ASIC's contention that the product was a debenture.
Full Federal Court dismissed ASIC's Finder Wallet appeal
The Full Federal Court dismissed ASIC's appeal and upheld the decision that Finder Earn was not a debenture and that Finder Wallet, renamed Wallet Ventures Pty Ltd, had not breached the Corporations Act as alleged.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
1 sourcesFinder Earn ceased and all customer funds were returned
Australian Securities and Investments Commission · 2022-12-15
ASIC states that Finder Wallet ceased offering Finder Earn from 24 November 2022 and that all funds were returned in full to customers.
Event
3 sourcesASIC commenced proceedings concerning Finder Earn
Australian Securities and Investments Commission · 2022-12-15
Primary source for ASIC's civil allegations. Later court decisions rejected the debenture contention, so the allegations are not treated as upheld breaches.
Federal Court found Finder Earn was not a financial product
Australian Securities and Investments Commission · 2024-03-14
ASIC's notice reporting that the Federal Court rejected the debenture contention and dismissed the unlicensed-financial-services case.
Full Federal Court dismissed ASIC's Finder Wallet appeal
Australian Securities and Investments Commission · 2025-07-24
Primary regulator notice reporting the appeal dismissal, the upheld finding that Finder Earn was not a debenture, and the Finder Wallet rename to Wallet Ventures Pty Ltd.
terms risk
1 sourcesASIC describes the Finder Earn product structure
Australian Securities and Investments Commission · 2022-12-15
Primary regulatory description of customer Australian-dollar deposits, conversion to TAUD, allocation to Finder Wallet for its own working capital, and annual compounding returns of 4.01% or 6.01%. It does not by itself establish a complete legal-title or insolvency analysis.
No evidence records match the current filters.
Comparative records