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

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.