Australian Regulator Appeals Court Decision Exempting Block Earner From Penalty

Australian Securities and Investments Commission (ASIC) stated on Tuesday that it had appealed the federal court’s decision to relieve Web3 Ventures Pty Ltd., trading as Block Earner, from liability to pay a penalty for offering unlicensed financial services through its crypto-related Earner product. On June 4, the court found Block Earner’s contraventions serious but exempted them from a penalty. The appeal, challenging the court’s decision, will be heard by the Full Federal Court. Web3 Ventures Pty Ltd. provided unlicensed financial services and operated an unregistered managed investment scheme from March to November 2022, ASIC said, noting that it is not appealing the court’s decision regarding Block Earner’s Access product.