Odaily Planet Daily News - The Australian Federal Court overturned the ruling against the cryptocurrency lender Block Earner and ordered the securities agency to bear the legal costs. It is reported that the three-year legal battle between the Sydney-based fintech startup Block Earner and the Australian Securities and Investments Commission (ASIC) over the alleged unlicensed provision of services ended with the victory of the cryptocurrency lender, which may set a precedent for future cases.
After years of legal disputes, the Australian Federal Court ruled that Block Earner's cryptocurrency-based "Earner" product did not violate local financial regulations, and approved the company's appeal, dismissing the securities regulator's charges. The court ruled that Block Earner's blockchain-based lending product was a term loan agreement, not a financial investment requiring regulatory approval. (The Block)