The Australian Federal Court has ruled in favor of the Australian Securities and Investments Commission (ASIC) in a case against crypto startup Block Earner. According to Bicoin.com, Judge Ian Jackman found that the company violated the Corporations Act 2001 by offering its 'Earner' product without an Australian financial services license.
Further, the Court determined that Block Earner infringed on parts of the same Act by running an unregistered managed investment scheme related to the 'Earner' product. Following the ruling issued on January 31, ASIC has approached the Court for an order against two of Block Earner's offerings: the 'Earner' and 'Access' products.
As detailed in the Court's decision, both products were introduced in March 2022. Currently, only the 'Access' product remains available, with the 'Earner' product set to be discontinued around November 16, 2022, eight months after its launch.