Australian regulator sues fintech company over alleged unlicensed crypto services

2022/11/23 09:56

According to The Block, Australia’s financial regulator has sued Sydney-based Block Earner, citing concerns that the fintech company offered unlicensed crypto products. Block Earner offers several tiers of products that offer yield on crypto holdings. The Australian Securities and Investment Commission, or ASIC, claims these products are unregistered managed investment schemes that should have been licensed. ASIC opened up a civil penalty file with the federal court seeking “declarations, injunctions, and pecuniary penalties,” according to a statement released by the regulator. The court has yet to schedule the first hearing date. Block Earner had launched its seed funding round in 2021 and secured $4.5 million, from investors including Aave CEO Stani Kulechov and Coinbase Ventures. The platform lends out client assets through Aave and Compound protocols.

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