{"id":70515,"date":"2022-11-23T17:57:06","date_gmt":"2022-11-23T15:57:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70515"},"modified":"2025-09-08T02:41:54","modified_gmt":"2025-09-07T23:41:54","slug":"australian-regulator-accuses-block-earner-of-operating-without-a-licence","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/australian-regulator-accuses-block-earner-of-operating-without-a-licence\/","title":{"rendered":"Australian Regulator Accuses Block Earner of Operating Without a licence"},"content":{"rendered":"<p>The Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Block Earner, alleging it provided unlicensed financial services in relation to its crypto-asset-based products and that it operated an unregistered managed investment scheme. <a href=\"https:\/\/t.co\/uAoiNiovdc\">https:\/\/t.co\/uAoiNiovdc<\/a><\/p>\n<p>\u2014 ASIC Media (@asicmedia) <a href=\"https:\/\/twitter.com\/asicmedia\/status\/1595259694540795904?ref_src=twsrc%5Etfw\">November 23, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the press release, Block Earner is a trademark of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a> Ventures Pty Ltd. The firm is registered with <span data-descr=\"Australian Transaction Reports and Analysis Centre \u2014 the anti-money laundering and counter-terrorism financing agency\" class=\"old_tooltip\">AUSTRAC<\/span>, but did not hold a licence to provide financial services.<\/p>\n<p>ASIC noted that Block Earner offered a range of crypto-asset-based products and used an unregistered investment scheme. The instruments involved fixed-income products: USD Earner, Gold Earner and Crypto Earner.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are concerned that Block Earner offered financial products without the requisite authorisation, leaving consumers without legal remedies,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Representatives from ASIC reminded of the risks of investing in cryptocurrencies and stressed that they support the development of an \u201ceffective regulatory framework\u201d to protect users.<\/p>\n<p>According to PureProfile research, in 2021 the share of Australian residents who buy or continue to hold cryptocurrencies <a href=\"https:\/\/u1f987.com\/en\/news\/survey-shows-australian-share-of-crypto-investors-climbs-from-18-4-to-28-8\">rose from 18.4% to 28.8%<\/a>.<\/p>\n<p>In May 2022 the Commonwealth Bank of Australia <a href=\"https:\/\/u1f987.com\/en\/news\/australias-largest-bank-delays-crypto-trading-rollout-amid-regulator-uncertainty\">delayed the rollout of crypto trading<\/a> due to regulatory uncertainty.<\/p>\n<p>As reported, in November ASIC <a href=\"https:\/\/u1f987.com\/en\/news\/australian-regulator-suspends-license-of-local-ftx-unit\">suspended the licence<\/a> to provide financial services, issued to the local arm of the bitcoin exchange FTX.<\/p>\n<p>Read ForkLog\u2019s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings against Block Earner for operating in the country without a licence.<\/p>\n","protected":false},"author":1,"featured_media":70516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1162,36],"class_list":["post-70515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-court-cases","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70515"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70515\/revisions"}],"predecessor-version":[{"id":70517,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70515\/revisions\/70517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70516"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}