The court rejects the need for financial services license – TradingView news

The full federal court in Australia canceled a decision by a minimum court against Block Enerner and ruled that Crypto did not need a license for financial services to provide a “return product” associated with digital assets.

The Australian Securities and Investment Committee (ASIC) indicated in its announcement yesterday (Tuesday): “The ruling is reversing on the original decision of the Federal Court that the profit product for granting the highest return was a financial product.”

A successful call by the encryption company

The last referee followed the successful Block Ender’s call against the outcome that Emener was a financial product. Last year, the Australian Federal Court ruled that Web3 Ventures Pty Ltd, which works under Tradenme Block Emner, has provided Crypto products without obtaining the necessary financial services license.

Block Rebier has offered the “Reirner” product, which allowed its users to win fixed returns from various encrypted assets. The company worked between March 2022 and November 2022.

The ruling came after ASIC took measures against the company in November 2022, claiming that it had provided unlicensed financial services through encrypted currency offers and was running the unregistered investment plan.

However, the court rejected ASIC allegations that prevent the changing return of Eder, and the offers based on encrypted assets are a financial product. Although the product gave users access to decentralized financial lending protocols, the regulator has classified it as a financial product due to the similarities with it with the managed investment plan, the investment facility or the derivative.

No penalty

Asic also resumed the previous decision of the Federal Court that issued Block Eder responsible for providing unlicensed services. However, the full federal court has now rejected ASIC’s efforts to impose sanctions.

Block Enerner does not maintain an Australian financial services license, but is registered with Austrac. Books for digital currency. I have provided many of the fixed -based -based -based -based return -based products, including the dollar, Gold Reseger, and Crypto Reser, combined as The Reser Products.

The procedure against Block Enerner has achieved the first ASIC enforcement action of this type against Chefir. The organizer also fined the local operator of Kraken Au 8 million dollars (about 5.1 million US dollars) to illegally offer margin products to more than 1,100 customers in the country. Likewise, Etoro is another platform that currently faces legal challenges.