By SectorWire desk ·
The report said that ASIC published a prediction-market warning on Moneysmart. The notice cautions consumers about the products’ use for financial activity.
The warning adds prediction markets to ASIC’s consumer protection guidance.
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The warning identifies an absence of Australian financial-market licensing for prediction platforms.
The warning concerns the absence of domestic protections when Australians use offshore prediction platforms.
The guidance warns users that offshore prediction markets lack Australian licensing protections.
The warning tells users prediction markets lack Australian financial-exchange licences and may produce losses.