The Australian federal court relieved Block Earner from paying a penalty after an Australian regulator’s legal action over unlicensed crypto yield-bearing products.
Australia’s federal court has relieved fintech firm Block Earner from paying a fine despite the court finding it offered a crypto yield-bearing product without a financial services license.
Justice Ian Jackman ruled on June 4 that Block Earner “acted honestly,” and at the time its yield-bearing “Earner” product launched, it did consider getting licensed, but its research and legal advice concluded it didn’t need one.
Block Earner founder and CEO Charlie Karaboga told Cointelegraph that getting a legal opinion before it launched the product “showed that we acted honestly and did everything that we could do as a startup.”
