Australian court slaps down lender who lent to Tether founder
The Federal Court of Australia has found that Block Earner (the company name for Web3 Ventures Pty Ltd) offered its ‘Earner’ cryptocurrency lending product without obtaining the appropriate Australian Financial Services License. However, the court also found that the firm can continue to offer its ‘Access’ product, which wrapped DeFi yields from AAVE and Compound, because the Australian Securities & Investment Commission failed to adequately prove its case. Shuttered in November 2022, Earner was a straightforward crypto lending product via which user deposits were converted to cryptocurrency and then directed to third-party firms. These firms would then deploy the funds to earn the yields. Block Earner specifically lent to Stablehouse and XBTO Strategies Limited. Stablehouse is advised by Tether’s former chief strategy officer Phil Potter, and the firm is meant to act as a “clearinghouse for stablecoins.” Finder Wallet sued by Australi...