According to Foresight News, the Australian Securities and Investments Commission (ASIC) has been condemned by an Australian court for issuing a misleading press release. The court has ordered ASIC to pay the legal fees associated with a dispute with the cryptocurrency startup Block Earner, which has been exempted from fines.
Previously in 2022, ASIC had filed a lawsuit against Block Earner over two of its products. Judge Ian McNeil Jackman ruled in February that Block Earner's 'Earner' product was unlicensed, while its DeFi 'Access' service did not require the same license and could continue to be provided. Following this, ASIC released a press release titled 'Court Finds Block Earner Crypto Products Require Financial Services License', which was deemed unfair and misleading by the court.
The judge also believed that Block Earner should be exempted from paying a fine for Earner, as the company had honestly sought to engage with the government on regulatory issues related to cryptocurrency products and services.