Federal Court of Australia Overturns Prior Ruling Against Crypto Lending Platform Block Earner

The Federal Court of Australia has overturned a 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 constitutes a fixed-term loan agreement and not a financial investment product requiring regulatory approval. The court not only dismissed all charges by the Australian Securities and Investments Commission (ASIC) but also ordered ASIC to cover all legal costs from the original trial and the appeal. This three-year legal dispute began in November 2022, when ASIC accused Block Earner of breaching Australia's financial services laws. Despite the legal victory, reports indicate that Block Earner currently has no plans to relaunch the Earner product in the Australian market.