Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Web3 Ventures Pty Ltd [2024] FCA 64 File number(s): NSD 1007 of 2022
Judgment of: JACKMAN J
Date of judgment: 9 February 2024
Catchwords: CORPORATIONS – operation of unregistered management investment scheme in contravention of s 601ED(5) of the Corporations Act 2001 (Cth) – carrying on financial services business without an Australian Financial Services Licence in contravention of s 911A of the Corporations Act – investment in cryptocurrency – where interest rate return was fixed – where representation on website that fixed interest return was generated by pooling customer funds and lending to third parties – where product connected borrowers and lenders in decentralised finance – whether products constituted a managed investment scheme – whether customers made a financial investment – whether products constituted a derivative
Legislation: Acts Interpretation Act 1901 (Cth) ss 13(1), 15AD Corporations Act 2001 (Cth) ss 9, 601ED, 761B, 761D
Cases cited: AA v Persons Unknown [2019] EWHC 3556 (Comm); [2020] 4 WLR 35 Allianz Australia Insurance Ltd v Delor Vue Apartments CTS 39788 [2021] FCAFC 121; (2021) 287 FCR 388 Australian Securities & Investments Commission v Great Northern Developments Pty Ltd [2010] NSWSC 1087; (2010) 79 ACSR 684 Australian Securities & Investments Commission v MyWealth Manager Financial Services Pty Ltd (No 3) [2020] FCA 1035; (2020) 146 ACSR 270 Australian Securities & Investments Commission v Secure Investments Pty Ltd [2020] FCA 1463; (2020) 148 ACSR 154 Australian Securities & Investments Commission v Takaran Pty Ltd [2002] NSWSC 834; (2002) 43 ACSR 46 Australian Securities and Investments Commission v Marco (No 6) [2020] FCA 1781 Australian Securities and Investments Commission v National Australia Bank Limited (No 2) [2023] FCA 118 Joffe v The Queen [2012] NSWCCA 277; (2012) 82 NSWLR 510 KDSP v Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs [2020] FCAFC 108; (2020) 279 FCR 1 LCM Funding Pty Ltd v Stanwell Corporation Ltd [2022] FCAFC 103; (2022) 292 FCR 169 National Australia Bank Ltd v Norman [2009] FCAFC 152; (2009) 180 FCR 243 National Provincial Bank Ltd v Ainsworth [1965] AC 1175 Spicer Thoroughbreds Pty Ltd v Stewart [2023] NSWCA 82 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd [2004] HCA 52; (2004) 219 CLR 165 Tulip Trading Ltd v Bitcoin Association for BSV [2023] EWCA Civ 83; [2023] 4 WLR 16 Pearce, DC, Statutory Interpretation in Australia (10th ed, LexisNexis, 2024) Stevens, Robert, "Crypto is Not Property" (2023) 139 LQR 615
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate