The Australian Securities and Investments Commission (ASIC) has announced that it is contesting the federal court’s ruling to absolve Web3 Ventures Pty Ltd., trading as Block Earner, of any liability to pay a fine for offering unlicensed financial services through its crypto-related Earner product. Despite acknowledging the seriousness of Block Earner’s violations, the court decided to waive any penalty. The appeal against this decision will be heard by the Full Federal Court. ASIC has confirmed that Web3 Ventures Pty Ltd. did provide unlicensed financial services and operated an unregistered managed investment scheme between March and November 2022. However, it is important to note that ASIC is not disputing the court’s judgment regarding Block Earner’s Access product.
