The Australian Securities and Investments Commission (ASIC) has charged Block Earner with operating in the country without a license.
According to the press release, Block Earner is a trademark of the company Web3 Ventures Pty Ltd. Although the company is registered with the AUSTRAC, the Australian agency responsible for preventing, detecting and responding to criminal abuse of the financial system, it lacked the necessary license to provide financial services.
The ASIC has reported that Block Earner offered a range of cryptocurrency asset-based products and used an unregistered investment scheme.
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According to the statement:
"We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services licence, leaving consumers without important protections."
Representatives of the regulator have recalled the risk of investing in cryptocurrencies and have stressed they support the development of an "effective regulatory framework" to protect users.