Australian Financial Watchdog Says No Prediction Markets Are Licensed in the Country, Warns Contracts Can Be Manipulated

Australian financial watchdog says no prediction markets are licensed in the country, warns contracts can be manipulated

The Australian government has issued a warning that “no prediction markets are currently licensed as financial markets in Australia” and that citizens considering using them are “more likely to lose money than make money.” The message came via a release from Moneysmart, a financial guidance website operated by the Australian Securities and Investments Commission (ASIC) – the nation’s financial regulator. ASIC warns that prediction markets presen…

Australians warned prediction markets could cost them, with little protection

As Australians engage with billion-dollar prediction markets, betting on anything from war, weather to pop culture, the corporate watchdog is forced to step in.

ASIC’s Moneysmart warns that no Prediction Markets are currently licensed in Australia

Prediction markets are platforms that offer binary ‘event contracts’ based on the outcomes of future events. The post ASIC’s Moneysmart warns that no Prediction Markets are currently licensed in Australia appeared first on FX News Group.