Australia High Court Rules Against Block Earner in Crypto Yield Case

Australia’s High Court has unanimously ruled in favor of the Australian Securities and Investments Commission (ASIC) in its case against Block Earner’s former fixed-yield crypto product, Earner. The court found that Web3 Ventures Pty Ltd, trading as Block Earner, was required to hold an Australian financial services licence to offer the product.

Court Finds Product Met Financial Investment Definition

According to the ruling, Earner functioned as a financial investment facility and also qualified as a derivative because investor returns were linked to the value of underlying digital assets and exchange rate movements. The case will now return to the Full Federal Court to determine possible penalties.

Block Earner Shifts Business Strategy

ASIC Chair Sarah Court said the decision confirms that existing financial laws apply to emerging digital asset products. Block Earner closed the Earner product in November 2022 and has since focused on new services, including crypto-backed home loans after securing an Australian Credit Licence in May 2026.