TechFlow news, April 22 — According to The Block, the Federal Court of Australia has overturned a previous adverse ruling against cryptocurrency lending platform Block Earner, determining that its crypto-asset-backed Earner product does not violate local financial regulations. The court ruled that Block Earner’s blockchain-based lending product constitutes fixed-term loan agreements, rather than financial investment products requiring regulatory licenses.
The court dismissed all allegations brought by the Australian Securities and Investments Commission (ASIC), and ordered ASIC to bear the full legal costs of both the initial trial and the appeal. This three-year-long legal dispute began in November 2022, when ASIC accused Block Earner of breaching Australia's financial services laws. Despite this legal victory, it is reported that Block Earner currently has no plans to relaunch its Earner product in the Australian market.
