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Australian Online Gambling Sites Face Fines for Accepting Crypto and Credit Cards

CointimeCointime2024/06/11 12:58
By:Cointime

The Australian government's ban on gambling sites accepting crypto and credit cards has come into effect, with fines of up to $155,000 for non-compliance. The ban aims to protect customers and prevent vulnerable Australians from moving to less-regulated types of gambling. Blockchain-based betting site Polymarket recently raised $70 million in funding rounds, but a debate broke out over the meaning of "approved" in relation to the U.S. Securities and Exchange Commission's approval of eight spot Ethereum ETFs.

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