Polymarket faces Australia’s binary options wall as ASIC signals strict scrutiny for any applicant

Crypto Insight Summary: Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has received no applications from prediction market operators. ASIC’s chair told a parliamentary hearing that any applications from prediction markets that do arrive will be judged like binary options, a product the country already bans through 2031. Why is Polymarket being compared to binary options? ... Crypto Insight Analysis: Direction: Bearish Polymarket Impact: Minor Impact Horizon: Mid-term (1-8 weeks) Reasoning: ASIC's binary-options approach may restrict Polymarket's Australian expansion, but the effect is localized.