Australia's financial watchdog has sued an Aave and Coinbase-backed fintech company, Block Earner, over unlicensed crypto services.
Australia’s financial watchdog has sued an Aave and Coinbase-backed fintech company, Block Earner, for unlicensed crypto services.Australia’s financial regulator has sued Sydney-based Block Earner, citing concerns that the fintech company offered unlicensed crypto products.offers several tiers of products that offer yield on crypto holdings.
ASIC opened up a civil penalty file with the federal court seeking “declarations, injunctions, and pecuniary penalties,” according to a statement“We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services license, leaving consumers without important protections,” ASIC Deputy Chair Sarah Court said in the statement. “Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law.
“As a case in point, for our upcoming products where the licensing requirements are clear, we have already filed for an application for an Australian Credit License and advised ASIC of our intention to apply for an [Australian Financial Services license],” he added. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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