🚀 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