ASIC’s binary options ban: Will prediction markets face similar scrutiny?

ASIC’s binary options ban, which took effect on May 3, 2021, provides the comparison for how Australia’s corporate regulator would assess prediction markets. Chair Sarah Court told a parliamentary hearing that the Australian Securities and Investments Commission had received no applications from prediction market operators, but would scrutinize any that arrived in a similar way to the products banned for retail clients until October 1, 2031. Key takeaways No prediction market operator holds an Australian Financial Services license. Before the binary options ban, 74% to 77% of active retail clients lost money. Polymarket remains accessible through VPNs despite an Australian blocking order.

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