Cointime

Cointime

Download App
iOS & Android
Home / JUST IN

ASIC Seeks Civil Penalty from Block Earner for Unlicensed Crypto Offerings

Australian financial market regulator continues its crackdown against illegal cryptocurrency offerings, with its latest civil penalty proceedings against Web3 Ventures Pty Ltd, operating under its tradename Block Earner.

The Australian Securities and Investments Commission (ASIC) alleged that the fintech company provided unlicensed financial services with its cryptocurrency offerings and operated an unregistered managed investment scheme.

Block Earner does not have an Australia Financial Services (AFS) license but is an AUSTRAC-registered digital currency exchange. It offered several cryptocurrency-based fixed-yield earning products, including USD Earner, Gold Earner, and Crypto Earner, collectively known as Earner Products.

According to ASIC, these 'Earner Products' are financial products that fall under managed investment schemes and require proper licensing. It is now seeking declarations, injunctions, and pecuniary penalties.

(By Arnab Shome)

Crypto
Comments

All Comments

Recommended for you

  • Cointime August 11st News Express

    1.Fed Governor Bowman: Be cautious about rate cuts
  • Coindesk ·

    Careers in Crypto: 5 Insights for 2024

    In an overwhelming job market, leaning into personal networks and connections are more important than ever. Emily Landon, CEO of The Crypto Recruiters, outlines what is happening in the crypto job market and how you can position yourself or your company in 2024.
    Careers in Crypto: 5 Insights for 2024
  • Coindesk ·

    Crypto Needs to Radically Rethink Token Distribution

    The prevailing “low float, high FDV” model can generate significant initial interest in project but benefits tend to disintegrate in the long-term, says Lava Network's Ethan Luc.
    Crypto Needs to Radically Rethink Token Distribution

  • Cointime August 4 News Express

    1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX
  • Cointime精选 ·

    Crypto community slams WazirX’s 'socialized losses' plan after hack

    As WazirX navigates this crisis, the firm faces the challenge of rebuilding trust with its user base and the broader crypto community.
    Crypto community slams WazirX’s 'socialized losses' plan after hack

  • Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

    According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.

  • Trump team files complaint over Harris inheriting $96 million in Biden campaign funds

    According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending.

  • Donald Trump Plans to Release Fourth NFT Collection, Embraces Crypto Industry

    Former US President Donald Trump is reportedly planning to release a fourth NFT collection, as he continues to embrace the crypto industry. In a recent interview with Bloomberg Businessweek, Trump stated that his previous NFT collections were "very successful" and sold out in a day. He also revealed that he plans to release another collection, as his supporters are demanding it. Trump's campaign has also started accepting crypto donations, and he has been vocal about the importance of the US not falling behind China in the crypto industry.

  • Crypto Industry Disappointed as Digital Assets Fail to Make an Appearance in First 2024 US Presidential Debate

    Despite hopes from industry participants, the topic of crypto was not discussed during the first general debate of the 2024 U.S. presidential election between Joe Biden and Donald Trump. The debate, hosted by CNN, primarily focused on the economy, with brief mentions of other issues such as abortion, immigration, and foreign policy. While crypto has been a talking point throughout the election cycle, neither candidate made any significant statements about it during the debate. The crypto industry is hoping for a Congress and administration that will pass legislation friendly to digital asset businesses, and is looking to repeat the massive spending on elections from 2022.
  • cointelegraph ·

    1,590 CoinStats crypto wallets ‘affected’ in security breach

    Cryptocurrency portfolio manager CoinStats has assured users that the security breach has been “mitigated” and it will provide updates in due course.
    1,590 CoinStats crypto wallets ‘affected’ in security breach

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company