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This edition of the Update covers: Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and...
The regulator disclosed that Block Earner, a firm backed by Coinbase and Aave, also operates an unregistered managed investment scheme that violates Australia’s capital market laws.
The Australian finance regulator is suing fintech firm Block Earner over its unregistered crypto services. The Block Earner CEO countered, calling out the lack of clarity in crypto-related regulations despite demand.
ASIC’s deputy chair Sarah Court said simply because a product hinges on being a crypto-asset does not mean it falls outside financial services law.
<p><span>ASIC has commenced civil penalty proceedings in the Federal Court against fintech company 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.</span></p>