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Paradigm, the crypto derivatives platform, suffered a big hit to trading volumes following the collapse of FTX. Now, the startup is lining up new exchange partners to try to recapture what it lost.

Paradigm also shelved a major fundraising effort recently, underscoring how tough navigating the crypto market has become.

On Dec. 15, Paradigm announced a 15% salary cut for all staff. The move, it said, would “reduce the need for layoffs seen across the ecosystem” and weigh less on the startup’s momentum — which had been considerable prior to the FTX debacle that began in early November.

A wide variety of crypto businesses have been caught up in the contagion stemming from FTX’s collapse. Only yesterday, The Block revealed that trading firm QCP Capital has $97 million stuck on the exchange.

While Paradigm did not have any funds on FTX at the time of its shuttering, according to co-founder and CEO Anand Gomes, FTX had been an exchange partner, and its sister firm Alameda Research was a Paradigm client, as well as an equity investor in the business. The impact of these relationships is evident in Paradigm’s trading volumes, which are displayed on its website.

Volumes down

For the week commencing Nov. 6, Paradigm recorded 200,000 BTC ($3.4 billion) in weekly volume, of which 45,000 BTC came from futures spreads. One week later, the grand total had more than halved and futures spreads volume had almost disappeared entirely. Weekly volumes in December have been lower still, at around 60,000 BTC each week so far, with futures spreads volumes virtually non-existent.

Futures spreads involves investors simultaneously buying one futures contract and selling another with the same underlying asset, taking two positions to capitalize on price discrepancies.

“Spot, perp and futures (Delta1) spreads are a big growth opportunity for us as illustrated by the strong momentum we had on FTX (the market gave us a strong signal with $5.7 billion traded within the first 90 days),” Gomes told The Block. In simple terms, Paradigm’s model is to handle off-exchange matching, leaving on-exchange execution, clearing and settlement to exchanges like FTX.

“Our non-custodial, multi-venue model shines here and we are looking forward to replicating the success we had on FTX with other partner venues currently in our pipeline. For example, we will be launching a Delta1 spreads for USDT products on Bybit (an existing partner) in Q1 23 and have additional exchange venues that should go live in 1H23.”

Paradigm’s options volumes have also taken a hit, but Gomes said the platform’s market share is in fact higher — up from 27% last month to 32% today.

“We are a market leader in options and are incredibly excited about the growth of the crypto options marketplace in 2023 and beyond,” said Gomes. “As we saw in the last cycle, the companies that emerge from these periods end up being superbrands. Runway wise we are now well positioned as it increases our financial flexibility and give us the best possible shot at doing that.”

Fundraising shelved

Paradigm had explored raising a considerable sum of money earlier this year, but shelved that effort in recent weeks.  

The company held talks with potential backers about raising around $100 million, according to two people with knowledge of the matter. One of those people said the round, if successful, would have vaulted the company to unicorn status — meaning its valuation would have topped $1 billion.

“Any previous fundraising conversations were exploratory in nature and no terms were reached at the time of the collapse of FTX,” Gomes said, adding that the company will look at raising again “when market conditions improve next year.”

Paradigm last raised capital in December 2021, when it secured $35 million at a $400 million valuation in a round co-led by Jump Crypto and Alameda Research, the Sam Bankman-Fried-owned trading firm at the heart of the FTX scandal.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions. 

© 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.

The European Union’s financial regulators are laying out guidelines preparing market participants on how to operate in a tokenized securities sandbox. The EU will launch a pilot for market actors to experiment using financial instruments based on decentralized ledger technology (DLT) in March. 

The DLT Pilot Regime will give both traditional finance players and newcomers, like crypto firms, the opportunity to use the decentralized technology for an innovative market infrastructure that removes intermediaries. The European Securities and Markets Authority (ESMA) will have a role in overseeing the project.

To take part in the sandbox, ESMA suggests in a report published on Thursday that applicants should provide a criminal record for laws concerning the financial sector, securities or payments as well as “money laundering and terrorism financing, fraud, financial crime, bankruptcy or insolvency.” Personal debt or bankruptcy would also affect the “good repute” required to participate. 

Experience in the sector is also a must. The regulation on the DLT Pilot Regime from the EU institutions already specifies that participants need to have “ability, competence, experience and knowledge” of the technology. ESMA suggests that applicants will need to prove expertise of “education, training, professional experience” with the technology.

Participants are also encouraged to share their take-aways from the Pilot to their national authorities. This could inform improvements to the regulation on the project.

ESMA consulted 10 investment firms, trading venues, and central securities depositories to come up with the guidelines. While they are not mandatory, participants are strongly encouraged to follow them. The guidelines will come into force on March 23, ESMA said in its release, aligning with the launch of the sandbox.

The financial markets regulator previously cleared the way for the DLT Pilot in September with a previous report. 

The DLT Pilot is part of the EU’s 2020 Digital Finance package. The bloc’s landmark Markets in Crypto-Assets regulation, set to come into force in 2024, sits in the same legislative pod. 

© 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.

Binance CEO Changpeng Zhao explained why the exchange chose not to refund the deposit of 200,000 BNB to Mithril after delisting its token yesterday.

Blockchain project Mithril said it deposited 200,000 BNB to Binance in 2018 — about $1 million at the time — as part of the exchange’s listing process. But the project fell out of favor and was delisted yesterday. The value of these deposited tokens is currently worth more than $50 million, which the team demanded back.

The Binance chief broke down why the exchange decided to keep Mithril’s deposit. Zhao implied the team made the right decision (of not releasing the deposit), claiming it acted within its right. He said on Twitter that since the website of the project was offline, the Mithril team violated the listing terms.

In his reply to Mithril, Zhao said: “Your token price is way below the trigger levels. Reading the comments. Your website is offline. You haven’t tweeted or updated your community for almost 2 years. I believe our team has made the right decision and acted fully within our right to do so.”

Zhao added the team had the right to take the deposit — made by a crypto project — in two conditions. The first is if the price of the token trades lower below a certain trigger level for more than 15 days and the second is a situation that creates a “material adverse effect” on the project, its token and/or its users. The team’s defunct communications were cited as the second condition.

“The Insurance Deposit is there to encourage builders to continue to build,” Zhao said, further implying Mithril’s team had stopped working on the project.

A Binance spokesperson said that when tokens no longer meet its standards, they go through a review process and may be delisted. “The insurance deposit was collected as a way to monitor and incentivise project performance, which is in our users’ interests. The deposit amount and terms were mutually agreed in 2018,” they said.

© 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.

Revolut’s chief financial officer, Mikko Salovaara, remains confident about the future of crypto on the fintech giant’s financial super-app, even while trading volumes falter and some of its new crypto products see slow adoption.

His bullishness comes even as crypto trading volumes on the platform — which accounted for 10-15% of Revolut’s 2020 revenue, according to a previous interview with Sifted — have declined this year, Salovaara said in an interview at last month’s Accel Fintech Summit.

“We’ve probably seen somewhere between 50 to 75% reduction in volumes,” he said, comparing crypto trading this year with 2021. “Which is broadly in line with the market if you look at Coinbase or so on.”  

That’s had an impact on overall revenue, he said. Revenue derived from crypto has gone from considerable to “not very meaningful” as of late, Salovaara said.

Revolut’s growth

Founded in 2015 by Nik Storonsky, Revolut grew from a foreign exchange application to offering a plethora of features including the ability to book holidays, transfer money across borders and even insure pets via the app.

It began to offer cryptocurrency trading tools in 2017 and has since looked to go “full crypto.” And despite current dicy market conditions, the company still sees digital assets as a core part of its mission to meet every financial need that a merchant or individual might have. 

“Crypto, at least as we perceive it, is a financial service that individuals and businesses from a treasury management function basically demand, and therefore we want to provide it to them,” said Salovaara. 

No impact

His buoyancy comes as many crypto companies struggle to stay afloat after last month’s bloodbath of events, notably the contagion spurred by the collapse of the once-reputable exchange FTX.

European fintech app Revolut made efforts to distance itself from these events in an email sent to customers on Nov. 15, assuring users that there was no material impact on its services. 

Market conditions this year haven’t stopped the company from pushing ahead with new crypto products even as some offerings see slow user take-up. It’s expanded its crypto line recently by adding 29 new tokens for U.S. customers, as well as a crypto card cashback program in October.

It also enabled companies to hold surplus cash in crypto on its business platform in July, but as of last month, it’s only seen about 3,500 businesses sign up for the product. That’s “a low (single digit) percentage of take-up by businesses overall,” said a Revolut spokesperson who noted that Revolut Business has several hundred thousand monthly active businesses on the platform. 

Ramping up for Revcoin 

Salovaara said it’s still plowing ahead with its ambitious plans, including “Revcoin,” its native token. In May, Revolut CEO Nik Storonsky told The Block that this crypto token will reward customers for their loyalty in a manner similar to airline miles programs. While many of the details are still being sorted out, Salovaara expressed confidence that when it is inaugurated, the coin will help drive users to the platform.

Still, he noted that digital assets are so nascent that many of Revolut’s endeavors in the sector, including a planned DeFi wallet application, will have to adapt to the way crypto evolves.

“Our strategy with crypto hasn’t changed and we see it as a long-term investment,” he said. 

© 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.

New York-based investment bank Jefferies Financial Group estimates FTX creditors could get as much as 40% of their money. However, that recovery rate would likely be lower once bankruptcy administrators have taken their fees.

Total liabilities at FTX appear to be between $10 billion and $13 billion against assets of $2 billion to $4 billion, Joseph Femenia, global head of distressed and special situations at the bank, said in an interview. That indicates a recovery rate of between 20% and 40%, said Femenia, who has assigned a five-person team to work on FTX full-time.

Those rates could easily change as new information about the FTX balance sheet becomes known. 

Another factor in the level of payouts to users of FTX who have assets stuck on the platform will be the fees paid to lawyers and other administrators involved in the likely years-long bankruptcy process. Femenia’s team expects those costs to be between $500 million to $1 billion, or around 5 and 10 cents on the dollar. That means the potential net recovery rate for FTX creditors could range from 10% to as high as 35%, according to Jefferies estimates. 

A close comparison would be the wind-up of Bernie Madoff’s Ponzi scheme. That process recovered more than $14.5 billion to date and cost upwards of $1.6 billion — though, in that instance, the Securities Investor Protection Corporation paid the administration fees. 

Some creditors prefer to sell their claims now, swallowing steep losses, rather than wait years to discover how much they might recover from the bankruptcy process.

Already, there is an active market in the trading of such claims. Jefferies is among firms that say they have closed on several transactions or are near closing. Distressed credit investor 507 Capital has bought several claims, paying between 5 and 6 cents on the dollar, Thomas Breziel told The Block last week. Another player buying claims is Luxembourg-based NOIA Capital, according to Chief Investment Officer Muhammed Yesilhark.

Such buyers have the patience to wait for payouts to be made years down the line and are banking that they can get more back than they paid for the claim. Sellers tend to be crypto hedge funds and other institutions with external shareholders and investors who want to close positions and offset the hit against taxes.

Contagion from the implosion of FTX has spread far and wide in the crypto world. FTX filed for bankruptcy protection on Nov. 11, leaving about one million creditors in the lurch. The exchange owes its top 50 creditors alone $3.1 billion, according to court filings.

Singapore-based crypto trader QCP Capital has at least $97 million with FTX and is trying to sell its claim. Other firms known to have assets on FTX include Multicoin Capital, Genesis Block HK and Galois Capital. The impact on Genesis Block HK was so significant that the firm shut down its over-the-counter trading business last week after nearly 10 years.

NOIA Capital’s Yesilhark said verifying a claim is the most challenging part since FTX has scrubbed its public-facing data.

”You will be surprised; people say we have this and that, but only the smartest have a screenshot of the last day of trading where they can show their assets…most of the guys are claiming to have money but can’t prove it,” Yesilhark said. A screenshot alone is not enough. Buyers want to see audited financials and will also try to cross-check a firm’s stated assets with other traders.

”Normally, in a bankruptcy case, you have a register of claims so you can check the claim. The tricky thing about FTX is there is no proof of claim right now,” said Jefferies’ Femenia. He asks sellers to prepare a diligence package showing historical assets’ movement on the FTX platform.

Another concern when estimating potential returns is the concept of preference. During the Madoff wind-up, former investors who had withdrawn money well before the fraudster’s fund blew up faced legal demands from the estate’s trustee to pay back the money on the argument they held ill-gotten gains. 

The same could happen with FTX. Claim buyers are trying to negotiate carve-outs, so they don’t take on hidden liabilities. For example, a buyer of claims from a hedge fund that, in the run-up to FTX’s collapse, was a net seller of assets might face a clawback demand from the administrator for some of that money.  

Exemptions to preference exist if a firm can argue that the flow of funds off the platform was done in the ordinary course of business, Femenia explained. However, if you knew FTX was in trouble and started yanking money, he said you could face a clawback. That would impact those who pulled cash out of FTX in the days after questions were raised about the firm’s finances and Binance made a short-lived bid to invest in the firm. 

© 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.

Three Arrows Capital (3AC), the now-bankrupt crypto hedge fund, estimated its assets at around $1 billion as of July, according to a document obtained by The Block.

The document, prepared by 3AC liquidator Teneo and sent to the fund’s creditors on Thursday, states that the assets include fiat money, tokens, NFTs, and venture and other investments. It also notes that the value of the assets will change significantly, either positively or negatively, due to the volatile nature of crypto.

“Due to volatility in the crypto market generally, together with the substantial number of illiquid investments held by the company, it is presently uncertain what level of recoveries will be made during the course of the liquidation,” wrote Teneo in the document.

The estimated assets are worth far less than 3AC’s liabilities, which stand at over $3 billion.

Breaking down the assets, fiat holdings were estimated to be worth $37 million, tokens around $238 million, NFTs around $22 million, and venture and other investments $502 million, per the document. The total value of the assets also includes 3AC’s sub-portfolio funds, DeFiance Capital and Starry Night Capital, which are worth a total of around $217 million.

3AC also has a small sub-portfolio fund called Warbler, which “itself did not hold any assets but rather loaned all funds to or invested all funds within 3AC,” according to the document.

Teneo has begun taking control of 3AC’s assets, including fiat and tokens, as The Block reported earlier this month. Thursday’s deck details the asset realization process. It notes that Teneo has taken into custody 3AC’s Aptos and StarkWare tokens. 

“The value of the Aptos tokens is USD 31.7 million based on 14 December 2022 prices; the value of the StarkNet tokens is not yet determinable although 134.2 million tokens are under the [joint liquidators] control,” according to the document. The joint liquidators of Teneo are Christopher Farmer J and Russell Crumpler.

Overall, Teneo has recovered assets worth a total of around $72 million, but excluding its fees and other expenses, the net value of the recovered assets stands at around $64 million, per the document.

3AC, once one of the largest and best-known crypto hedge funds, collapsed amid liquidity troubles in mid-June. The fund filed for Chapter 15 bankruptcy in New York on July 1.

Absent arrows

Teneo also detailed its efforts to contact 3AC founders Kyle Davies and Su Zhu in the document. Its last call with either of the founders came in August, and the liquidator has since tried to force their cooperation through legal applications in New York, The British Virgin Islands, and, most recently, in Singapore — where it obtained an order from the Singapore Court granting discovery against the co-founders.

Davies and Zhu were largely silent on social media for a period of a few months after 3AC’s collapse in the summer but began tweeting in earnest as things began to unravel for FTX.

Teneo noted in the document that “whilst the founders have been reticent to engage directly, they have continued to provide extensive media interviews and have been very active and responsive to comments via Twitter, predominantly with respect to the collapse of FTX.”

Teneo said it would be “prepared to travel to meet with the founders at a mutually convenient date and location — whilst the [joint liquidators] should not have to go to such lengths they would nevertheless be happy to do so to help ensure that returns for the unsecured creditors are maximized.”

The liquidator said that Davies and Zhu are believed to be in “Bali, Indonesia and/or UAE,” adding that the pair “engaged forensic security experts in June 2022 to, among other things, establish secure communications between designated individuals that could be deleted.”

In a separate section of the document, Teneo stated that, in the absence of “meaningful cooperation,” it has engaged “digital asset investigations specialists to prepare a comprehensive report with respect to all of the company’s on-chain activities in the months prior to liquidation.” 

The findings will be made available to Teneo shortly and, according to the document, “almost certainly impact strategy with respect to potential claims going forward.”

Teneo and Davies did not immediately respond to a request for comment. 

© 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.

Accounting firm Mazars is temporarily ceasing all work for its crypto exchange clients, including proof-of-reserves reports for the likes of Binance, KuCoin and Crypto.com. 

A spokesperson for Mazars’ client Binance confirmed the news in a statement, adding that, “unfortunately, this means that we will not be able to work with Mazars for the moment.” Mazars did not immediately respond to a request for comment.

Mazars has been working with crypto exchanges to publish proof-of-reserves reports since last month’s collapse of FTX. These reports show the platform’s crypto holdings as a means of proving whether their reserves are adequately collateralized. While exchanges say these reports help to improve transparency, critics say it is not enough as they do not provide details about a platform’s liabilities.

With Mazars temporarily out of the picture, Binance’s spokesperson said the exchange giant will focus on other transparency measures. The spokesperson identified tools like Merkle Tree proof of reserves as one of the measures being developed. Merkle Trees a data structures that can be used to verify on-chain data. Bybit, another crypto exchange, recently rolled out its Merkle Tree-based system that allows users to verify its reserve holdings.

Big Four 

Binance also highlighted the importance of having these proof-of-reserves reports verified by independent auditors. “We have reached out to multiple large firms, including the Big Four, who are currently unwilling to conduct a PoR for a private crypto company and we are still looking for a firm who will do so,” said the Binance spokesperson.

Indeed, Mazars is not the only accounting firm to pull out of working with crypto firms. Armanino, a long-time crypto accounting partner, announced an end to its crypto audit services on Thursday.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

© 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.

Episode 125 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Solana co-founders Raj Gokal and Anatoly Yakovenko.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.

Solana co-founder Raj Gokal has referred to the FTX crisis as a “crucible moment” for Solana’s ecosystem.

The amount of value moved on Solana has decreased dramatically since Alameda declared bankruptcy in November, data from The Block shows.

In this episode of The Scoop, Solana co-founders Raj Gokal and Anatoly Yakovenko discuss how Solana initially became intertwined with FTX, and when they first started to notice that Sam Bankman-Fried’s ambitions diverged from the crypto ethos.

While Bankman-Fried and FTX were focused on building a centralized exchange, the Solana co-founders were focused on building self-custody solutions. As Yakovenko explains, “FTX became a much bigger brand and started going in a very global direction … but we were focused on building stuff for self-custody users.”

Despite the setback FTX’s collapse has had on Solana’s ecosystem, Gokal says the focus on self-custody has led to real user adoption:

“It’s pretty exciting now to see that focusing on self-custody users and open-source software has created this huge boom — it’s what captured most of the users and active addresses on Solana.”

During this conversation, Chaparro, Gokal and Yakovenko also discuss:

• Solana Breakpoint conference and overall developer activity;
• How Solana is positioned to support an NFT ecosystem;
• Why centralized exchanges are a temporary feature of crypto.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from former FTX and Alameda founder Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

This episode is brought to you by our sponsors Tron, Ledn

About Tron
Founded in 2013, Huobi Global is one of the largest virtual asset exchanges in the world. Huobi Global serves millions of users across international markets. Since its establishment, Huobi Global has committed to providing first class virtual asset investment services. Huobi Global’s robust infrastructure, product innovation and capital strength provides a truly customer-centric and secure trading environment to help our international users to achieve their investment objectives. Please refer to Huobi’s official website for more information: huobi.com.

About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

© 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.

Singapore-based crypto lender Amber Group today announced a $300 million fundraise that comes amid layoffs and refocusing at the company.

Amber said in a tweet that it had closed a Series C round led by Fenbushi Capital US, alongside other undisclosed crypto-native investors and family offices.

Prior to the chaos stemming from FTX’s collapse last month, Amber had been seeking a $3 billion valuation in a Series B+ round. That has now been paused after a “partial closing” of $50 million in favor of moving forward with the $300 million Series C announced today, Amber said. Amber did not disclose a valuation for the latest raise, but Bloomberg reported that it is less than the $3 billion achieved in February.

Most of the money raised in the Series C round is for customers who lost money on Amber’s product as a result of FTX’s collapse, according to Bloomberg. One such customer is troubled crypto lender Vauld’s CEO, Darshan Bathija, to whom Amber owes $130 million.

Founded in 2017, Amber provides a wide range of services to institutional clients, from trading and liquidity services to yield products. It started cutting staff in September. Those cuts have reportedly continued into December and have seen the firm’s headcount fall from a peak of around 1,100 to 400. 

After the sudden implosion of Sam Bankman-Fried’s crypto empire last month, Amber assured customers that it had no exposure to FTX’s token FTT or to sister firm Alameda Research. But it did admit to having 10% of its trading capital tied up on FTX when withdrawals were first blocked.

In recent weeks, The Block revealed that Amber had scaled back its expansion plans in the U.S. and Europe. It is also trying to renegotiate sponsorship deals with top-tier football clubs in Europe, as it rethinks its consumer-facing efforts.

In a series of tweets today announcing its fundraise, Amber said, “Moving forward, we will be scaling down our mass consumer efforts and non-essential business lines, in an effort to focus on our core businesses and clients. These have not been easy decisions, and we unfortunately have had to say goodbye to many of our excellent colleagues.”

© 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.

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 (ASIC) sued the startup for “alleged unlicensed conduct and inadequate risk disclosure,” it said in a statement on Dec. 15.

The 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%.

ASIC said the product closely resembled a debenture, and therefore required appropriate licensing.

“This is ASIC’s third recent action against a firm offering a crypto-asset related product that we consider to be a financial product. Our message to industry is clear — just because an offer involves a crypto-asset related product does not guarantee it will fall outside the current regulatory regime,” ASIC deputy chair Sarah Court said.

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.