PANews reported on April 22 that according to The Block, the Australian Federal Court overturned the ruling against the cryptocurrency lender Block Earner and ordered the securities agency to bear the legal costs. It is reported that the three-year legal battle between Sydney-based fintech startup Block Earner and the Australian Securities and Investments Commission (ASIC) over alleged unlicensed service provision ended with the victory of the cryptocurrency lender, which may set a precedent for future cases.
After years of legal wrangling, the Federal Court of Australia ruled that Block Earner's cryptocurrency-based "Earner" product did not violate local financial regulations and approved the company's appeal, dismissing the securities regulator's allegations. The court found that Block Earner's blockchain-based lending product was a term loan agreement, not a financial investment that required regulatory approval.
