ASIC has appealed the Federal Court’s decision to relieve Block Earner from liability to pay a penalty for contraventions related to unlicensed financial services when it offered its crypto-related Earner product.

On 4 June 2024, the Court found Block Earner’s contraventions to be serious. However, the Court relieved Block Earner from liability to pay a penalty on the basis, among other things, that it acted honestly and not carelessly when it offered the Earner product.

A copy of ASIC’s Notice of Appeal, which sets out the grounds on which ASIC says the Court erred in granting this relief, is available at the link below.

The appeal will be heard by the Full Federal Court on a date to be determined.