By SectorWire desk ·
The report said that ASIC issued guidance stating no prediction-market operator holds an Australian licence. It warned users about binary losses, insider trading and difficulties recovering money.
The guidance warns users that offshore prediction markets lack Australian licensing protections.
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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 warning concerns the absence of domestic protections when Australians use offshore prediction platforms.
The warning tells users prediction markets lack Australian financial-exchange licences and may produce losses.