Australian Judge Hands Split Decision in Market’s Regulator vs Block Earner
An Australian court ruled that Sydney-based crypto start-up Block Earner engaged in unlicensed financial services conduct by offering its crypto-backed Earner product. The court dismissed allegations related to Block Earner's DeFi "Access" service. The Australian Securities and Investments Commission (ASIC) had sued Block Earner for providing unlicensed fixed-yield earning products based on crypto assets in November 2022. The fine Block Earner will have to pay will be determined in a hearing on March 1, 2024. The company, which is backed by crypto exchange Coinbase, voluntarily withdrew its fixed-yield "Earner" service in the same month. The case provides guidance for other crypto businesses and is seen as a positive step forward for the DeFi industry.
