Australia High Court backs ASIC, ruling Block Earner’s crypto yield product needs a license

Australia’s High Court has ruled against Block Earner in its dispute with the market regulator ASIC, holding that the firm’s former fixed-yield crypto product fell within existing financial services licensing requirements. The decision was unanimous, with ASIC prevailing in the licensing battle ^{[1] [2]}.

Coverage of the ruling says it was issued in a way that reinforces how existing financial laws can apply to crypto offerings, potentially reducing regulatory uncertainty while requiring licensed oversight for products that meet the relevant financial product criteria. It also reports that a Full Federal Court will revisit penalty determinations following the High Court’s decision ^{[3] [4]}.

The High Court’s unanimous decision leaves Block Earner’s appeal unsuccessful and sustains ASIC’s position that certain crypto yield offerings require an Australian financial services licence under current law ^{[1] [2]}.