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Australian Court Exempts Block Earner from Penalty in Lawsuit for Unlicensed Crypto Yield Offering

Australian Court Exempts Block Earner from Penalty in Lawsuit for Unlicensed Crypto Yield Offering

CointimeCointime2024/06/04 06:01
By:Cointime

The Federal Court of Australia has waived fines against the fintech company Block Earner, which was previously found to have offered a cryptocurrency income product without a financial services license. On June 4th, Judge Ian Jackman ruled that Block Earner acted honestly and did consider obtaining a license when launching its income product "Earner", but its research and legal advice suggested that a license was not necessary. Charlie Karaboga, the founder and CEO of BlockEarner, stated that they obtained legal advice before launching the product, "demonstrating that we acted honestly and did everything a startup company could do."

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