Ban Mostly Finalized

ASIC moves from proposal to a largely intact rule prohibiting crypto platforms from trading as principal against retail customers. The FTX and Alameda precedent, Binance's earlier regulatory issues, and ASIC's 2026 enforcement posture make a strong conflict-of-interest rule the base case.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.