According to The Block, ChainCatcher reports that the Australian Federal Court overturned the 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 is a fixed-term loan agreement, rather than a financial investment product requiring regulatory permission.
The court not only dismissed all allegations from the Australian Securities and Investments Commission (ASIC) but also required ASIC to bear the full litigation costs of the original trial and appeal. This three-year legal dispute began in November 2022, when ASIC accused Block Earner of violating Australian financial services law. Despite this legal victory, reports suggest that Block Earner currently has no plans to relaunch the Earner product in the Australian market.
