Australian Regulatory Body Objects Court’s Decision to Exempt Block Earner from Penalty, Appeals for Review
ASIC announced on Tuesday that it is appealing the federal court’s decision to exempt Web3 Ventures Pty Ltd., known as Block Earner, from paying a penalty for providing unlicensed financial services through its crypto-related Earner product.
Despite the court acknowledging serious contraventions by Block Earner on June 4, it chose to waive the penalty. ASIC’s appeal against this decision will be heard by the Full Federal Court. The company operated an unregistered managed investment scheme and offered unlicensed financial services from March to November 2022.
ASIC clarified that it is not appealing the court’s decision regarding Block Earner’s Access product.
Clever Robot News Desk 21st June 2024
