The Federal Court of Australia overturns the previous adverse ruling against the crypto lending platform Block Earner
Powered by ChatGPTBlockBeats reports that on April 22, according to TheBlock, the Federal Court of Australia overturned the previous unfavorable ruling against the crypto lending platform Block Earner, determining that its crypto asset-backed Earner product did not violate local financial regulations. The court ruled that Block Earner's blockchain lending product is a fixed-term loan agreement rather than a financial investment product requiring regulatory approval.
The court not only dismissed all charges from the Australian Securities and Investments Commission (ASIC) but also ordered ASIC to bear all litigation costs from both the original trial and the appeal. This legal dispute, which lasted three years, began in November 2022 when ASIC accused Block Earner of violating the Australian Financial Services Act. Despite this legal victory, it is reported that Block Earner currently has no plans to relaunch the Earner product in the Australian market.