Australia's High Court Rules Block Earner's Crypto Yield Product Illegal in Landmark ASIC Win
The High Court of Australia unanimously ruled (7-0) that Block Earner's cryptocurrency yield product was offered illegally without a financial services license, siding with ASIC in a landmark regulatory decision. The ruling allows ASIC's appeal against Web3 Ventures Pty Ltd (trading as Block Earner) and sets a significant precedent for the digital asset sector in Australia.
Key quotes
The High Court of Australia ruled unanimously (7-0) that fintech platform Block Earner illegally offered its cryptocurrency yield product.
The 7-0 ruling by the country's highest court on June 17 allows an appeal by the Australian Securities and Investments Commission (ASIC) against Web3 Ventures Pty Ltd, which trades as fintech platform Block Earner.
The decision heavily impacts the digital asset sector
From the article
The High Court of Australia rules that Block Earner’s crypto yield product was illegal, scoring a landmark regulatory win for ASIC.
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