{"id":21966,"date":"2024-06-04T18:00:57","date_gmt":"2024-06-04T15:00:57","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21966"},"modified":"2024-06-04T23:40:51","modified_gmt":"2024-06-04T20:40:51","slug":"australian-regulator-warned-over-misleading-statement-block-earner-avoids-penalty","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/australian-regulator-warned-over-misleading-statement-block-earner-avoids-penalty\/","title":{"rendered":"Australian Regulator Warned Over &#8216;Misleading&#8217; Statement, Block Earner Avoids Penalty"},"content":{"rendered":"<p>Block Earner did not have to pay a penalty because it attempted to communicate honestly with the government regarding the regulation of crypto-related products and services.<\/p>\n<p>The <a href=\"https:\/\/coinengineer.net\/blog\/australia-gets-its-first-spot-bitcoin-etf-monochrome-to-launch-ibtc-on-tuesday\/\">Australian<\/a> Securities and Investments Commission (ASIC) had sued the company over two of Block Earner&#8217;s products \u2013 Earner and Access. However, ASIC&#8217;s press release titled &#8220;Court rules Block Earner crypto product needs financial services licence&#8221; was published despite the court stating that the Access product did not need a licence. Block Earner claimed this statement was &#8220;unfair and misleading&#8221; and judge Ian McNeil Jackman accepted the claim.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/australian-regulator-warned-over-misleading-statement-block-earner-avoids-penalty\/#Warning_from_judge_to_ASIC\" title=\"Warning from judge to ASIC\">Warning from judge to ASIC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/australian-regulator-warned-over-misleading-statement-block-earner-avoids-penalty\/#Block_Earners_Position_in_the_Case\" title=\"Block Earner&#8217;s Position in the Case\">Block Earner&#8217;s Position in the Case<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Warning_from_judge_to_ASIC\"><\/span>Warning from judge to ASIC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>An <a href=\"https:\/\/coinengineer.net\/blog\/australian-pleads-guilty-in-2-4b-bitconnect-scam\/\">Australian<\/a> judge has ordered the country&#8217;s financial regulator to pay some costs and reprimanded it for a &#8220;misleading press release&#8221; it issued in a legal dispute with crypto-based startup Block Earner.<\/p>\n<p>This warning follows a ruling by judge Ian McNeil Jackman in February, which stated that Block Earner&#8217;s yield-generating &#8220;Earner&#8221; product was unlicensed, but its DeFi &#8220;Access&#8221; service did not need the same license and could continue to be offered. ASIC sued Block Earner in 2022 over these two products.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Block_Earners_Position_in_the_Case\"><\/span>Block Earner&#8217;s Position in the Case<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Jackman ruled that Block Earner should be exempt from paying penalties for its Earner product because the company had honestly attempted to engage with the government regarding the regulation of crypto-related products and services. Following the federal court&#8217;s ruling on 9 February, ASIC was ordered to pay costs incurred by Block Earner.<\/p>\n<p>\u201cThe court correctly points out that seeking legal advice in an emerging field like crypto will support an argument for immunity from penalty, highlighting that the rules of the legal system are clear and distinct,\u201d said Michael Bacina, President of Blockchain Australia.<\/p>\n<p>\u201cCrypto projects that proceed without appropriate legal advice not only run the risk of their products violating the law, but also remove an argument for immunity from punishment if an innovative product in an unclear area is found to violate the law,\u201d Bacina said.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Block Earner did not have to pay a penalty because it attempted to communicate honestly with the government regarding the regulation of crypto-related products and services. The Australian Securities and Investments Commission (ASIC) had sued the company over two of Block Earner&#8217;s products \u2013 Earner and Access. However, ASIC&#8217;s press release titled &#8220;Court rules Block<\/p>\n","protected":false},"author":6,"featured_media":17868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[2001,6624,6625],"class_list":["post-21966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-australia","tag-australia-regulator","tag-block-earn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian Regulator Warned Over &#039;Misleading&#039; Statement, Block Earner Avoids Penalty - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Block Earner did not have to pay a penalty because it attempted to communicate honestly with the government regarding the regulation of crypto-related products and services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/australian-regulator-warned-over-misleading-statement-block-earner-avoids-penalty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Regulator Warned Over &#039;Misleading&#039; Statement, Block Earner Avoids Penalty - 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