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ARTICLE · 13 JUNE 2024

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Crypto In The Courts

K&L Gates
K&L Gates
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K&L Gates

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On 4 June 2024, the latest chapter in ASIC's crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services.

AustraliaTechnology
Daniel Knight
Daniel Knight
Ben Kneebush
Ben Kneebush

On 4 June 2024, the latest chapter in ASIC's crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services (ASIC's media release can be found here).

The Court had previously found that Block Earner was operating a managed investment scheme and should have had an Australian Financial Services Licence. However, the Court has now concluded that, despite this, Block Earner was acting honestly, had sought legal advice, actively engaged with regulators, and always intended to comply with the law. On this basis, the court chose to exercise its discretion to excuse Block Earner from a penalty.

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