Australian financial regulators sue fintech company Block Earner
ChainCatcher news, Australian financial regulators have sued Sydney-based Block Earner on the grounds that the fintech company offers unlicensed crypto products. The Australian Securities and Investments Commission (ASIC) believes that the various crypto asset yield products provided by the company are unregistered and should be licensed before being offered.
ASIC Deputy Chair Sarah Court stated, "We are concerned that Block Earner is offering financial products without an Australian financial services license, leaving consumers unprotected."
According to previous reports from ChainCatcher, Block Earner launched its seed funding round in 2021, raising $4.5 million from investors including Aave CEO Stani Kulechov and Coinbase Ventures. The platform lends out customer assets through Aave and Compound protocols. (source link)