Australian Court Exempts Block Earner from Penalty in Lawsuit for Unlicensed Crypto Yield Offering

The Federal Court of Australia has waived fines against the fintech company Block Earner, which was previously found to have offered a cryptocurrency income product without a financial services license. On June 4th, Judge Ian Jackman ruled that Block Earner acted honestly and did consider obtaining a license when launching its income product "Earner", but its research and legal advice suggested that a license was not necessary. Charlie Karaboga, the founder and CEO of BlockEarner, stated that they obtained legal advice before launching the product, "demonstrating that we acted honestly and did everything a startup company could do."