According to Odaily, the Australian Federal Court has waived a fine against fintech company Block Earner, which was previously ruled to have offered a cryptocurrency income product without a financial services license. On June 4, Judge Ian Jackman ruled that Block Earner acted 'honestly' when launching its income product 'Earner'. The company had considered obtaining a license, but its research and legal advice suggested that it was not necessary.
Block Earner's founder and CEO, Charlie Karaboga, stated that they had obtained legal advice before launching the product, demonstrating their honesty and doing everything possible as a startup. The judge dismissed the $234,000 (350,000 AUD) fine requested by the Australian Securities and Investments Commission (ASIC). On June 4, ASIC announced at a press conference that it was reviewing this decision.
Previously in February, the Australian court ruled that cryptocurrency company Block Earner had offered the Earner product without a license.