From asic.gov.au: The Full Federal Court ruled that Block Earner did not require a financial services license to offer its digital asset-related Earner product, overturning a previous decision that classified the product as a financial product.

As a result, the court dismissed ASIC’s appeal regarding penalties for unlicensed financial services conduct and ordered ASIC to pay the costs of the proceedings.

Block Earner, which operates as Web3 Ventures Pty Ltd, had faced allegations of engaging in unlicensed financial services when offering its product from March to November 2022.