The Federal Court of Australia overturned the previous unfavorable ruling against the cryptocurrency lending platform Block Earner

ChainCatcher news, according to The Block, the Federal Court of Australia overturned a previous unfavorable ruling against the crypto lending platform Block Earner, determining that its crypto asset-backed Earner product did not violate local financial regulations. The court ruled that Block Earner's blockchain lending product is classified as a fixed-term loan agreement, rather than a financial investment product requiring regulatory approval.

The court not only dismissed all charges from the Australian Securities and Investments Commission (ASIC) but also ordered ASIC to bear all legal costs of the original trial and the appeal. This three-year legal dispute began in November 2022 when ASIC accused Block Earner of violating the Australian Financial Services Act. Despite this legal victory, it has been reported that Block Earner currently has no plans to relaunch the Earner product in the Australian market.