FOLLOW US Follow us on social media
Boat Loans Australia
financing your boating dreams
Boat Loans Australia :: News
SHARE

Share this news item!

ASIC's Crypto Crackdown Intensifies: Appeals Federal Court Verdict

Regulator Raises Stakes in Battle Over Crypto Oversight

ASIC's Crypto Crackdown Intensifies: Appeals Federal Court Verdict?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian Securities and Investments Commission (ASIC) has escalated its efforts in regulating crypto-related activities by appealing a significant Federal Court decision.
This move underscores the regulator's robust stance against crypto products circumventing financial regulations.

In a bold step, ASIC has contested the recent Federal Court ruling by Justice John Jackman, which found digital currency exchange Block Earner guilty of offering unlicensed financial services through its crypto-based Earner product. Despite acknowledging Block Earner's honest and non-negligent conduct, ASIC remains dissatisfied with the outcome.

According to ASIC, the Federal Court judge erred by suggesting that Block Earner depended on legal advice and also profited from its violations. The appeal highlights that regulatory ambiguity should not shield a company knowingly engaging in questionable activities for financial gain.

ASIC aims to overturn the initial judgment and seeks a penalty of $350,000, in addition to the costs incurred during the appeal process. This initiative is emphatic about ensuring stringent regulatory compliance in the financial services sector, particularly concerning burgeoning crypto products.

Notably, Block Earner operates under Web3 Ventures Pty Ltd, an AUSTRAC-registered currency exchange. However, it lacks an Australian Financial Services License (AFSL), a critical regulatory component according to ASIC.

On February 9, 2024, the court concluded that between March and November 2022, Block Earner had been providing unlicensed financial services and running an unregistered managed investment scheme through its fixed-yield product, Earner.

Conversely, the court dismissed ASIC's claims that Block Earner's variable yield crypto-assets offering, known as the Access product, required a financial services license and should be registered as a managed investment scheme.

This rigorous stance by ASIC comes at a time when crypto products are under intense scrutiny worldwide. The appeal underscores ASIC’s commitment to bringing clarity and compliance to the financial services space, leaving no room for regulatory evasion.

Published:Wednesday, 19th Jun 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

Sign in with Google to rate

0 Comments

No comments yet. Be the first to share your thoughts.

Finance News

New BIA President Points to a Growing Australian Boating Market
New BIA President Points to a Growing Australian Boating Market
18 Jun 2026: Paige Estritori
The Boating Industry Association has marked a significant leadership milestone, electing Tracy Souris as its new Board Chair and President on 12 May 2026. Souris becomes the first woman to lead the organisation since it was established in 1960, taking over from Adam Smith after his six years of service on the BIA Board. - read more
Vessev's Electric Hydrofoiling Vessels Set to Transform Swan River Transport
Vessev's Electric Hydrofoiling Vessels Set to Transform Swan River Transport
10 Jun 2026: Paige Estritori
New Zealand-based company Vessev is set to revolutionise water transport in Western Australia by introducing a fleet of electric hydrofoiling vessels on Perth's Swan River. In partnership with the ENAUTIC Group, Vessev aims to provide a sustainable and efficient solution to the region's transportation needs. - read more
ACCC Halts BRP's Sale of Telwater to Yamaha
ACCC Halts BRP's Sale of Telwater to Yamaha
10 Jun 2026: Paige Estritori
The Australian Competition and Consumer Commission (ACCC) has recently blocked the proposed sale of Telwater Pty Ltd., one of Australia's largest aluminium boat manufacturers, from BRP Inc. to Yamaha Motor Australia. This decision ensures that Telwater remains under BRP's ownership for the foreseeable future. - read more
ATSB Releases Preliminary Findings on RSV Nuyina Grounding
ATSB Releases Preliminary Findings on RSV Nuyina Grounding
03 Jun 2026: Paige Estritori
The Australian Transport Safety Bureau (ATSB) has released a preliminary report detailing the circumstances surrounding the grounding of the Australian Antarctic Division's research vessel, RSV Nuyina, off Heard Island on October 13, 2025. The incident occurred during drone survey operations near uncharted sea floor areas. - read more
WA Government Approves Cockatoo Island Aviation and Marine Hub
WA Government Approves Cockatoo Island Aviation and Marine Hub
03 Jun 2026: Paige Estritori
The Western Australian government has granted final approval for the construction of a $300 million aviation and marine hub on Cockatoo Island, located in the Buccaneer Archipelago, approximately 130 kilometres north of Derby. The project, spearheaded by privately owned company Crestlink, aims to establish a comprehensive logistics hub to service the offshore oil and gas industry. - read more
Ocius to Deliver Fleet of Bluebottle Uncrewed Surface Vessels
Ocius to Deliver Fleet of Bluebottle Uncrewed Surface Vessels
03 Jun 2026: Paige Estritori
The Australian Government has committed $176 million to acquire a fleet of Australian-designed and built Bluebottle uncrewed surface vessels (USVs) from Ocius Technology. This investment aims to bolster the Royal Australian Navy's undersea warfare capabilities by providing persistent, long-range intelligence, surveillance, and reconnaissance (ISR) operations. - read more
Click for more Finance News


Boat Loans Articles

Are You Making These Boat Loan Application Mistakes?
Are You Making These Boat Loan Application Mistakes?
Imagine you’re basking in the glorious Australian sunshine, the wind dancing across your face, as your boat glides effortlessly through the water. This dream is within reach, but making it a reality often means navigating the complex world of boat loans - a journey that can be fraught with pitfalls if you're not prepared. - read more
How to Choose the Right Boat Finance Option
How to Choose the Right Boat Finance Option
Before embarking on the exciting journey of purchasing a new boat, it is essential to have a clear understanding of boat finance options. Choosing the right financing option can save you a considerable amount of money in the long run. Having said that, the numerous finance options and terms can be confusing and daunting for first-time buyers. - read more
Maintenance Checklist: Keeping Your New Boat in Top Shape
Maintenance Checklist: Keeping Your New Boat in Top Shape
Welcome to the exciting world of boating! Owning a boat opens up a realm of adventures on the water, from leisurely cruises to thrilling water sports. - read more
Tips for Boaters: Understanding Fixed vs Variable Interest Rates
Tips for Boaters: Understanding Fixed vs Variable Interest Rates
When you're embarking on the adventure of buying your first boat, understanding interest rates becomes crucial. But what are interest rates exactly? In the context of loans, they represent the cost of borrowing money, expressed as a percentage of the loan amount. Essentially, it’s the price you pay for the financing that makes your dream of boat ownership a reality. - read more
Smooth Sailing: Understanding Boat Loan Rates and Terms for Australians
Smooth Sailing: Understanding Boat Loan Rates and Terms for Australians
From the bustling harbors of Sydney to the serene waters of the Great Barrier Reef, boating is a treasured Australian pastime that combines the love of the ocean with the spirit of adventure. With so many Australians drawn to the water, understanding the financial aspects of boat ownership is crucial, particularly when it comes to securing a boat loan. However, wading through boat loan rates and terms can feel as complex as navigating through choppy seas. - read more
Nautical Know-How: Your Ultimate Pre-Boat-Purchase Checklist for Smooth Sailing
Nautical Know-How: Your Ultimate Pre-Boat-Purchase Checklist for Smooth Sailing
Ahoy, future mariners! The allure of the open seas and the joy of sailing on your very own vessel is a dream that many Australians hold close to their hearts. Whether you envision leisurely cruises along the coast or adventurous voyages into the deep blue, the prospect of buying a boat ignites a sense of excitement and freedom that's hard to match. - read more


Start Here

START HERE.

Loan Amount:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Quotes are offered free & without obligation. We respect your privacy.

Knowledgebase
Subprime Loan:
A type of loan offered to individuals with poor credit scores, typically at a higher interest rate.


Quick Links: | Boat Loan Finance | Boat Financing Options | Marine Finance | Boat Loan Rates | Boat Loan Calculator | Boat Loan Comparison | Boat Loan Lenders | Boat Loan Terms | Boat Loan Approval | Boat Loan Application | Boat Loan Interest Rates



This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
| HOME | RATES | CALCULATORS | NEWS | ARTICLES | ABOUT | CONTACT | PRIVACY | BROKERS | SITEMAP |
IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.