Australian Federal Court overturns ruling against cryptocurrency lending institution Block Earner

Odaily Planet Daily News: The Australian Federal Court overturned the ruling against cryptocurrency lending institution Block Earner and ordered securities firms to bear legal costs. It is reported that Block Earner, a fintech startup based in Sydney, has been embroiled in a three-year legal battle with the Australian Securities and Investments Commission (ASIC) over alleged unauthorized service provision, ultimately culminating in a victory for the cryptocurrency lending institution, which could set a precedent for future cases. After years of legal disputes, the Federal Court of Australia has ruled that, Block Earner's cryptocurrency based "Earner" product did not violate local financial regulations, and the company's appeal was approved, rejecting the allegations of securities regulators. The court determined that Block Earner's blockchain based lending products belong to term loan agreements, rather than financial investments that require regulatory approval. （The Block）