Australia's financial regulator has received no applications from prediction-market operators, while MoneySmart warns that unlicensed offshore users may lack safeguards for customer funds and dispute resolution.
The application count concerns requests received by the Australian Securities and Investments Commission (ASIC). MoneySmart's separate licensing guidance addresses whether operators hold authorization to operate as financial markets in Australia. One tracks applications; the other describes current licensing status.
ASIC's restrictions on binary options prohibit issuing or distributing those products to retail clients.
MoneySmart says prediction-market businesses do not hold Australian financial-market licenses. It warns that customers using unlicensed offshore platforms may not be covered by protections under Australian financial law, including safeguards for customer funds and access to internal dispute resolution.
The potential burden falls on users of offshore platforms, who may lack the local safeguards and dispute-resolution channels MoneySmart describes.
