今日热门事件has appealed the Federal Court鈥檚 decision to relieve Block Earner from liability to pay a penalty for contraventions related to unlicensed financial services when it offered its crypto-related Earner product.聽
On 4 June 2024, the Court found Block Earner鈥檚 contraventions to be serious. However, the Court relieved Block Earner from liability to pay a penalty on the basis, among other things, that it acted honestly and not carelessly when it offered the Earner product.聽
A copy of ASIC鈥檚 Notice of Appeal, which sets out the grounds on which 今日热门事件says the Court erred in granting this relief, is available at the link below.聽
The appeal will be heard by the Full Federal Court on a date to be determined.聽
顿辞飞苍濒辞补诲听
叠补肠办驳谤辞耻苍诲听
Block Earner is the trading name of Web3 Ventures Pty Ltd. It is an AUSTRAC-registered digital currency exchange. It does not hold an Australian financial services licence (AFS) licence.聽
On 9 February 2024, the Court found from March to November 2022, Block Earner had provided unlicenced financial services and operated an unregistered managed investment scheme when offering its fixed-yield Earner product.聽
The Court dismissed ASIC鈥檚 allegations that Block Earner鈥檚 variable yield crypto-assets based offering, known in ASIC鈥檚 proceedings as the Access product, was a financial product, that Block Earner needed a financial services licence for this product and that the product needed to be registered as a managed investment scheme.聽聽
今日热门事件is not appealing the Court鈥檚 findings in relation to Block Earner鈥檚 Access product.聽
Editor's Note 1:
On 9 July 2024, Block Earner filed a notice of cross-appeal.
Editor's note 2:
On 6 March 2025, the Full Federal Court heard ASIC's appeal and Block Earner's cross appeal. The decision has been reserved.