Australian Court Overturns Ruling Against Block Earner's Crypto Products

According to BlockBeats, the Australian Federal Court has overturned a previous ruling against the crypto lending platform Block Earner. The court determined that Block Earner's crypto asset-backed Earner products do not violate local financial regulations. It classified these blockchain lending products as fixed-term loan agreements rather than financial investment products requiring regulatory approval. The court dismissed all charges brought by the Australian Securities and Investments Commission (ASIC) and ordered ASIC to cover all legal costs from both the original trial and the appeal. This legal battle began in November 2022 when ASIC accused Block Earner of breaching Australian financial services laws. Despite the legal victory, reports indicate that Block Earner currently has no plans to reintroduce its Earner products in the Australian market.