ASIC sues Block Earner, alleges fintech provided unlicensed financial services
Sydney-based Block Earner has been hit with civil penalty proceedings originated by the Australian Securities and Investment Commission (ASIC) which alleges the fintech provided unlicensed financial services.
According to ASIC, Block Earner’s crypto-asset based products USD Earner, Gold Earner and Crypto Earner should have been licensed, with the watchdog claiming they were managed investment schemes.
ASIC claims that because the three products were facilities through which customers made financial investments that Block Earner should have obtained the appropriate Australian Financial Services licences.
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