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<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>
The fintech is alleged to have offered financial products without appropriate registration or an Australian Financial Services licence. ASIC has announced that it has commenced civil penalty proceedin
Block Earner general manager Apurva Chiranewala says despite the slump in DeFi markets, their platform has seen a surge of previously high-risk investors who have shifted toward lower-risk yields.