ASIC Seeks Leave to Appeal High Court Ruling on Block Earner
The Australian Securities and Investments Commission (ASIC) is appealing a High Court ruling that determined Block Earner's Access product is not classified as a financial product.
- In March 2024, the High Court dismissed ASIC's claims that Block Earner provided unlicensed financial services through Access.
- ASIC seeks clarification on the definition of a financial product applicable to all products, including those involving cryptocurrency.
- The High Court will review ASIC’s application at a yet-to-be-determined date.
- The court previously upheld ASIC's claim regarding unlicensed services related to Block Earner's Earner product, while dismissing claims against Access.
- Block Earner, supported by Coinbase, was relieved from a $350,000 penalty linked to the Earner product after ASIC's appeal was resolved in April.