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ASIC seeks to appeal Block Earner ruling

ASIC is seeking special leave from the High Court to appeal the Full Federal Court decision regarding Block Earner.

Block Earner did not need a financial services licence to offer its digital asset-related Earner product.

ASIC has appealed the Federal Court’s decision to relieve Block Earner from liability to pay a penalty.

The Federal Court of Australia has relieved Block Earner from liability to pay a penalty for contraventions related to unlicensed financial services.

The Australian Federal Court has found fintech company Block Earner engaged in unlicensed financial services conduct.

ASIC alleges that Block Earner provided unlicensed financial services in relation to its crypto-asset based products.