Australia's High Court Rules Unanimously in ASIC's Favor Against Block Earner Crypto Yield Case

According to ASIC, the High Court of Australia unanimously upheld the country's securities regulator's appeal against Web3 Ventures Pty Ltd, trading as Block Earner. The court ruled that Block Earner's Earner product—a fixed-yield offering available between March and November 2022—constituted a financial product and a derivative under existing Australian financial services law.

The case now returns to the Full Federal Court to determine penalties. ASIC stated that Block Earner required an Australian Financial Services Licence to offer the product, a finding the High Court supported. The ruling provides regulatory clarity on how crypto yield products are treated under traditional financial services frameworks in Australia.