ASIC has wasted no time in appealing a judge’s decision to excuse cryptocurrency product provider Block Earner from paying a civil penalty on the basis that it took advice from a leading law firm that was not seen by the court.
The High Court has dismissed an appeal of a decision which found Indonesia’s national airline could avail itself of foreign state immunity to defeat a winding up application.
A judge has excused cryptocurrency product provider Block Earner from paying a penalty in a case brought by ASIC, despite finding it provided a financial product without a licence, because it obtained legal advice and genuinely believed it was not breaching the law.
The Australian Securities and Investments Commission is challenging a decision that Finder Wallet did not need a financial services licence to sell its defunct cryptocurrency product.
In a loss for the Australian Securities and Investments Commission, a judge has found that comparison website Finder did not need a financial services licence to sell its cryptocurrency product Finder Earn because it was not a financial product.
Digital currency exchange Block Earner needed a licence to offer its crypto-backed Earner product, a court has found in one of the first decisions on the application of financial services law to crypto investments.
Finder Wallet has argued it did not need a financial services licence to sell its crypto product Finder Earn because it was not money, but instead allowed customers to purchase an asset and acted as a marketing tool to funnel users to its app.
Japanese bank SMBC has foreshadowed an application to add claims against Humm Group after the fintech’s subsidiary allegedly misled the bank about receivables under contracts forged by a Forum Group entity.
A $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.
Liquidators of failed tech company GetSwift have foreshadowed an objection to a $1.5 million settlement going to shareholders in a class action that a judge has labelled a “disaster”.