By SectorWire desk ·
The report said that ASIC urged Australians to avoid offshore prediction markets. The regulator said users may lose money without the safeguards available through licensed domestic markets.
The warning concerns the absence of domestic protections when Australians use offshore prediction platforms.
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The warning adds prediction markets to ASIC’s consumer protection guidance.
The warning identifies an absence of Australian financial-market licensing for 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.