• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Legal Case Involving Crypto Firms

user avatar

by Giorgi Kostiuk

2 years ago


The Federal Court of Australia has absolved Block Earner, a crypto firm, from facing penalties for offering its Earner product without the necessary financial services license. Despite the seriousness of the contraventions, Block Earner was deemed to have acted honestly and responsibly in providing the product to consumers. Justice Ian Jackman, overseeing the case, acknowledged Block Earner's sincere efforts to adhere to regulations. The company sought legal advice and implemented thorough risk management policies when navigating the complex regulatory landscape as a new entity. The court noted clear violations of the Corporations Act but refrained from imposing financial penalties on Block Earner. The Australian Securities and Investments Commission (ASIC) brought forward the case, alleging that Block Earner's product lacked essential consumer protections. However, Justice Jackman criticized ASIC's press release for its misleading content on February 9, 2024, highlighting the inaccurate portrayal of the situation. ASIC's legal representatives admitted to the error and its potential to distort the facts. In a separate development, John Louis Anthony Bigatton, the national promoter for the now-defunct BitConnect crypto exchange, pleaded guilty to providing unlicensed financial services. BitConnect, accused of running a Ponzi scheme, halted its operations in 2018 amid accusations of defrauding investors of over $2.4 billion. Bigatton confessed to promoting BitConnect's lending platform and cryptocurrency without the mandatory Australian Financial Services license. His sentencing hearing has been scheduled for July 5, 2024.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Zcash Surges to New High as Institutional Interest Grows

chest

Zcash (ZEC) has surged to a new year-to-date high of 590, driven by significant institutional investment from Multicoin Capital.

user avatarTenzin Dorje

Sabadell Joins European Banking Consortium for Stablecoin Initiative

chest

Spanish bank Sabadell has joined the Qivalis consortium aimed at launching a Europe-pegged stablecoin.

user avatarBayarjavkhlan Ganbaatar

Ripple CEO Highlights Critical Hearing for CLARITY Act's Future

chest

Ripple CEO Brad Garlinghouse emphasizes the importance of the upcoming Senate Banking Committee hearing for the CLARITY Act's progress.

user avatarMohamed Farouk

Bitcoin Holds Steady Above 80,000 as Market Recovery is Tested

chest

Bitcoin's price remains above 80,000, indicating a recovery from March lows, with differing behaviors observed among large holders.

user avatarElias Mukuru

Gerstein Harrow LLP Files Restraining Notice Over Ethereum Linked to Kelp DAO Hack

chest

Gerstein Harrow LLP has filed a restraining notice in a New York district court, claiming legal rights to approximately 30,766 Ethereum frozen after the Kelp DAO hack.

user avatarDiego Alvarez

Aave Takes Legal Action to Release Frozen Ethereum in Kelp DAO Hack Case

chest

Aave has filed an emergency motion in a New York district court to vacate a restraining notice blocking the Arbitrum DAO from accessing approximately 30,766 Ethereum frozen after the Kelp DAO hack.

user avatarKenji Takahashi

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.