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

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
Queensland Trawlers to Implement Mandatory Electronic Monitoring
Queensland Trawlers to Implement Mandatory Electronic Monitoring
03 Jun 2026: Paige Estritori
The Queensland Government has announced a mandatory rollout of electronic camera monitoring systems on 90% of trawlers operating within the Great Barrier Reef Marine Park. This initiative aims to monitor and reduce the bycatch of endangered species, ensuring sustainable fishing practices in one of the world's most vital marine ecosystems. - read more
Urgent Skilled Labour Shortages Threaten Australia's Marine Industry
Urgent Skilled Labour Shortages Threaten Australia's Marine Industry
27 May 2026: Paige Estritori
The Australian marine industry is currently grappling with a significant shortage of skilled labour, as highlighted by the Boating Industry Association's (BIA) 2026 National Jobs & Skills Survey. This comprehensive survey reveals that over 90% of marine businesses are deeply concerned about the lack of qualified personnel, a situation that is adversely affecting operational capacities and financial performance. - read more
SCIBS 2026 Wraps Up with Record Attendance and Exhibitor Success
SCIBS 2026 Wraps Up with Record Attendance and Exhibitor Success
27 May 2026: Paige Estritori
The 2026 Sanctuary Cove International Boat Show (SCIBS) has concluded, marking another successful chapter in Australia's premier marine event. Held from 21 to 24 May at the picturesque Sanctuary Cove on the Gold Coast, the show attracted over 41,000 visitors, underscoring its significance in the global boating calendar. - read more
Click for more Finance News


Boat Loans Articles

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
The Financial Advantages of Boat Loan Refinancing Explained
The Financial Advantages of Boat Loan Refinancing Explained
Welcome! If you own a boat and are currently financing it, refinancing your boat loan might be a smart move to consider. But what exactly does refinancing mean? - read more
Budgeting Blunders: Common Errors in Boat Financing Explained
Budgeting Blunders: Common Errors in Boat Financing Explained
A boat loan can be defined as a type of financing tailored specifically to help buyers acquire a boat. It serves a crucial role in making the dream of boat ownership more attainable, as it enables you to spread the payment over a period of time rather than shelling out a substantial sum upfront. - read more
Your First Boat: Financing Strategies Every New Buyer Should Know
Your First Boat: Financing Strategies Every New Buyer Should Know
Understanding the excitement of being a first-time boat buyer is essential. There’s something truly exhilarating about the idea of cruising on open waters, enjoying sunsets, and creating lasting memories with friends and family. However, alongside this excitement comes the reality of making a significant investment. - read more
How to Choose the Best Marine Insurance Policy While Financing Your Boat
How to Choose the Best Marine Insurance Policy While Financing Your Boat
Welcome, fellow boating enthusiasts! Whether you're looking to sail the coasts of Australia or enjoy leisurely days on the water, financing a boat can be a thrilling adventure. However, securing the right marine insurance policy goes hand-in-hand with this exciting journey, and it's an absolute must. - read more
From Dreams to Reality: Choosing the Right Boat Loan for First-Time Buyers
From Dreams to Reality: Choosing the Right Boat Loan for First-Time Buyers
Owning a boat is a dream for many Australians, offering an opportunity to explore the country's stunning waterways, enjoy recreational activities, and create lasting memories with family and friends. - 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
Interest Rate:
A rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal. Interest rates often change as a resul


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.