Summary
- Portugal’s gambling regulator said it has ordered the crypto-based prediction-market platform Polymarket to suspend operations within 48 hours.
- The regulator said more than $120 million was wagered on the outcome of Portugal’s presidential election, adding that betting on political issues in Portugal is illegal.
- Polymarket is currently subject to access restrictions in around 30 countries, including Singapore, Russia, Belgium, Italy and Ukraine.
Portugal’s gambling regulator has ordered Polymarket, a crypto-based prediction-market platform, to suspend operations within 48 hours.
According to crypto-focused outlet CoinDesk on the 20th (local time), the Portuguese regulator said it had confirmed that more than $120 million had been wagered on the outcome of Portugal’s presidential election on Polymarket, adding that betting on political issues in Portugal is illegal.
The regulator reportedly demanded immediate blocking measures, saying the service is in violation of domestic laws.
Meanwhile, Polymarket is currently subject to access restrictions in around 30 countries, including Singapore, Russia, Belgium, Italy and Ukraine.
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