Australian court rules crypto company Block Earner provides 'Earner' product without license

The Federal Court of Australia has ruled in favor of the Australian Securities and Investments Commission (ASIC) in its case against crypto startup Block Earner. Judge Ian Jackman found that Block Earner breached parts of the Corporations Act 2001 by offering the "Earner" product without an Australian financial services license. The judge also ruled that Block Earner breached parts of the same Act by operating an unregistered managed investment scheme relating to the same product. Following a judgment issued on January 31, ASIC has made a request to the court for an order against two of Block Earner's products, the 'Earner' and 'Access' products. Both products were launched in March 2022, as stated in the judgment. However, only the Access product continues to be available. The "Earner" product was discontinued around November 16, 2022, 8 months after its launch. (Bitcoin.com)