An Australian court has ruled in favor of Finder Wallet in a lawsuit brought by the country’s financial watchdog against the crypto firm.

The court on Thursday dismissed the suit, ruling that the Australian Securities and Investment Commission “has not established that the Finder Earn product is a debenture within the meaning of a s 9 of the Corporations Act.”

The court ordered ASIC to pay the defendant’s costs, according to the court document.

In December 2022, the regulator sued Finder for “alleged unlicensed conduct and inadequate risk disclosure,” alleging that the Finder Earn product — offered to consumers between late February 2022 and November 2022 — closely resembled a debenture.

"We are delighted with this outcome, which confirms that Finder was compliant with our regulatory …