Australian regulators condemned for issuing misleading press release related to Block Earner

2024-06-04 17:48:16

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ChainCatcher news, according to CoinDesk, the Australian Securities and Investments Commission (ASIC) has been condemned by an Australian court for issuing a misleading press release and has been ordered to pay costs related to the legal dispute with the crypto startup Block Earner, while Block Earner is exempt from fines.

Previously, ASIC sued Block Earner in 2022 over two of its products. Judge Ian McNeil Jackman ruled in February that Block Earner's earnings "Earner" product was unlicensed, while its DeFi "Access" service did not require the same license and could continue to operate. Subsequently, ASIC issued a press release titled "Court finds Block Earner crypto products require financial services license," which was deemed unfair and misleading. The judge also determined that Block Earner should be exempt from paying fines for Earner, as the company had honestly sought engagement with the government regarding regulatory issues related to cryptocurrency products and services.

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