Australia’s High Court Rules Block Earner Crypto Yield Product Required Financial License

Block Earner is the trading name of Web3 Ventures. From March 17 to November 16, 2022, it offered Earner, which converted Australian dollars into crypto assets and provided a fixed annual return of 7%. As of August 29 that year, about A$1.5 million was owed to customers. The case centered on whether Australia’s existing Corporations Act directly covered crypto yield products.

On June 17, 2026, the High Court of Australia ruled 7–0 in favor of the Australian Securities and Investments Commission, finding that Earner was both a financial investment facility and a derivative and that Block Earner needed an Australian Financial Services license to issue it. The ruling overturned an April 22, 2025, decision by the Full Court of the Federal Court, and the dispute over penalties will be sent back for further proceedings.