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Australia's High Court Rules 7-0 Against Block Earner Crypto Yield Product on June 17

GateNews
Enforcement ActionsRegulation & Policy
BTC-0.03%
ETH0.57%
PAXG-0.43%
On June 17, Australia's High Court ruled unanimously that Web3 Ventures Pty Ltd, operating as Block Earner, offered a cryptocurrency yield product illegally without a financial services license. The 7-0 decision upholds ASIC's position that financial regulatory frameworks are technology-neutral and broad enough to capture crypto products. Block Earner's service allowed customers to deposit Australian dollars, which were converted into digital assets like Bitcoin, Ethereum, USDC, and PAXG with promised fixed returns. ASIC initiated civil penalty proceedings in November 2022. A lower Federal Court judge initially ruled in ASIC's favor, but the Full Court reversed the decision in April 2025. The High Court's decision will now return to the Full Court, where ASIC will pursue its appeal to impose civil penalty fines on Block Earner.
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