ASIC has commenced civil penalty proceedings in the Federal Court against fintech company Block Earner alleging it provided unlicensed financial services in relation to its crypto-asset based products and that it operated an unregistered managed investment scheme. Block Earner offered a range of fixed-yield earning products based on crypto-assets under the names USD Earner, Gold Earner and Crypto Earner (collectively, the Earner Products). ASIC alleges that the Earner Products were financial products that should have been licensed because the products were a managed investment scheme, a facility through which a ... (full story)