Australia's ASIC has received no prediction-market applications, chair says

Australia’s financial regulator has received no applications from prediction-market operators, according to TokenPost. Australian Securities and Investments Commission (ASIC) Chair Sarah Court told a parliamentary hearing that any request for permission to operate in Australia would undergo rigorous scrutiny.

ASIC draws a comparison with binary options

Court likened prediction markets to binary options, which are banned in Australia. She highlighted the all-or-nothing nature of their outcomes, according to TokenPost.

She also noted that prediction markets frequently concern events outside investing or financial markets. Her remarks set out regulatory concerns rather than a decision on an operator’s application: ASIC has not received one.

Offshore access leaves protection gaps

Australian users can nevertheless access offshore prediction-market platforms, including Polymarket, Court said. That accessibility does not provide the protections available under Australian financial regulation, according to TokenPost.

Court warned that users may struggle to obtain dispute resolution or access safeguards for customer funds. The distinction is between being able to use an offshore platform and having local regulatory protections when something goes wrong.

What it means for prediction markets

• No application is before ASIC: The report offers no evidence of an operator seeking Australian permission through an application to the regulator.
• Regulatory scrutiny is a key consideration: Court’s comparison with banned binary options signals concerns about both contract outcomes and the events on which markets are based.
• Access does not equal protection: Australian participation on offshore platforms such as Polymarket comes without local financial-regulation protections, with potential difficulties around disputes and customer funds.