ChainCatcher news, according to The Block, the Federal Court of Australia overturned a previous unfavorable ruling against the crypto lending platform Block Earner, determining that its crypto asset-backed Earner product did not violate local financial regulations. The court ruled that Block Earner's blockchain lending product is classified as a fixed-term loan agreement, rather than a financial investment product requiring regulatory approval.The court not only dismissed all charges from the Australian Securities and Investments Commission (ASIC) but also ordered ASIC to bear all legal costs of the original trial and the appeal. This three-year legal dispute began in November 2022 when ASIC accused Block Earner of violating the Australian Financial Services Act. Despite this legal victory, it has been reported that Block Earner currently has no plans to relaunch the Earner product in the Australian market.

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.

ChainCatcher news, according to a statement released by the Australian Securities and Investments Commission (ASIC), the regulator has filed a lawsuit against the financial services company Block Earner for offering a range of crypto-asset-based fixed income products to users without permission. (Source link)

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)