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Block Earner's crypto offer was an unlicensed financial product, Australian regulator alleges

( November 24, 2022, 04:00 GMT | Official Statement) -- MLex Summary: Australian fintech company Block Earner is the target of a civil lawsuit over allegations it provided unlicensed financial services linked to its crypto asset-based products. According to the lawsuit filed by the Australian Securities and Investments Commission, Block Earner offered fixed-yield products based on crypto assets without a license to do so, with the products amounting to managed investments. “Simply because a product hinges on a crypto asset does not mean it falls outside financial services law,” ASIC Deputy Chair Sarah Court said in a statement announcing the lawsuit.  The full statement by the Australian Securities and Investments Commission follows; the originating-process document is attached, along with the concise statement: ...

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