🚀 Australian Court Overturns Ruling Against Block Earner's Crypto Products
#Australia #BlockEarner #Crypto #LegalVictory #FinancialRegulations #Blockchain #CryptoLending #ASIC
According to BlockBeats, the Australian Federal Court has overturned a previous ruling against the crypto lending platform Block Earner. The court determined that Block Earner's crypto asset-backed Earner products do not violate local financial regulations. It classified these blockchain lending products as fixed-term loan agreements rather than financial investment products requiring regulatory approval.
The court dismissed all charges brought by the Australian Securities and Investments Commission (ASIC) and ordered ASIC to cover all legal costs from both the original trial and the appeal. This legal battle began in November 2022 when ASIC accused Block Earner of breaching Australian financial services laws. Despite the legal victory, reports indicate that Block Earner currently has no plans to reintroduce its Earner products in the Australian market.#Australia #BlockEarner #Crypto #LegalVictory #FinancialRegulations #Blockchain #CryptoLending #ASIC
🚀 ASIC Seeks High Court Appeal on Block Earner's DeFi Product Classification
#ASIC #HighCourt #DeFi #BlockEarner #financialproduct #cryptocurrency #Access #Earner #licensing #financialservices
According to Odaily, the Australian Securities and Investments Commission (ASIC) is pursuing an appeal to the High Court, aiming to have the DeFi product 'Access' by fintech company Block Earner classified as a financial product. In March 2024, the High Court dismissed ASIC's claims that the product required a license to operate. ASIC's appeal seeks to clarify the definition of financial products, which should encompass all products, including cryptocurrencies. The High Court has yet to schedule a date for hearing the application.
Previously, the court delivered a mixed verdict on Block Earner's offerings, determining that the 'Earner' product constituted unlicensed financial services, while dismissing similar allegations against 'Access.' In June 2024, the court annulled a AUD 350,000 fine imposed on Block Earner for the 'Earner' product, and ASIC's subsequent appeal was rejected in April 2025.#ASIC #HighCourt #DeFi #BlockEarner #financialproduct #cryptocurrency #Access #Earner #licensing #financialservices
🚀 ASIC Files Civil Suit Against Former Blockchain Global Director
#ASIC #BlockchainGlobal #AllanGuo #ACXexchange #cryptocurrency #civillawsuit #financialregulation #clientfunds #investigation #BlockEarner
According to PANews, the Australian Securities and Investments Commission (ASIC) has initiated a civil lawsuit against Allan Guo, a former director of Blockchain Global. The allegations include breaches of director duties, specifically mishandling client funds from the ACX exchange, making false statements regarding fund flows, and failing to maintain proper financial records.
The ACX exchange collapsed in December 2019, and subsequent investigations revealed that the company owed unsecured creditors AUD 58.6 million (approximately USD 37.7 million), with AUD 22.7 million (around USD 14.6 million) attributed to exchange client funds. ASIC reported that Guo left the country after his travel restrictions expired in September 2024 and has not returned.
In a related matter, ASIC is appealing a lower court's favorable ruling for the cryptocurrency company Block Earner, seeking to overturn the decision.#ASIC #BlockchainGlobal #AllanGuo #ACXexchange #cryptocurrency #civillawsuit #financialregulation #clientfunds #investigation #BlockEarner