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Australian Federal Court Rules in Favor of Crypto Lender Block Earner
Australian Federal Court Rules in Favor of Crypto Lender Block Earner
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The Federal Court of Australia has dismissed a suit by the financial regulator ASIC against crypto lender Block Earner, ruling that the lender did not need an Australian financial services license (AFSL) for its crypto-linked ’Earner’ product. The court found that the discontinued ’Earner’ product was a loan, not a managed investment scheme. The Earner product was offered from March to November 2022, allowing customers to ’loan’ specified crypto in return for interest paid at a fixed rate.
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