Polymarket banned from operating in Portugal and Hungary
Summary
- The prediction-market platform Polymarket was reported to have been banned from operating in Portugal and Hungary.
- Regulators in Portugal and Hungary were reported to have ordered access blocking after deeming Polymarket’s service illegal gambling under local law.
- The outlet reported that pressure is increasing from regulators in various countries on prediction-market platforms, including Polymarket.
According to Decrypt, a cryptoasset (cryptocurrency) news outlet, on the 20th (local time) the prediction-market platform Polymarket was ordered to stop operating in Portugal and Hungary.
The outlet reported that Portugal’s gambling regulator and Hungary’s regulator ordered access to be blocked, judging that Polymarket had provided services that constitute illegal gambling under local law. In Portugal, an immediate halt to operations was demanded, while in Hungary a temporary ban was reportedly imposed.
While Hungary’s measure could be lifted in the future, the outlet said pressure from regulators in various countries on prediction-market platforms, including Polymarket, is expanding.
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