Australian Federal Court exempts Block Earner from $230k penalty for offering unlicensed crypto products.
The Australian Federal Court ruled in favor of Block Earner, absolving the fintech company from a $230k penalty for offering crypto-linked fixed-yield earning products without an Australian Financial Services license. The court found that Block Earner acted honestly, although it offered unlicensed financial services and an unregistered managed investment scheme. ASIC, which had sought the fine, is now reviewing the decision.
June 04, 2024
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