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 to be blocked after judging Polymarket’s service to be illegal gambling under local law.
- The outlet reported that pressure is mounting from regulators in various countries on prediction market platforms, including Polymarket.
According to Decrypt, a crypto-focused media outlet, on the 20th (local time), prediction market platform Polymarket has been barred from operating in Portugal and Hungary.
According to the report, Portugal’s gambling regulator and Hungary’s regulator ordered access to be blocked after determining that Polymarket 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 action could be lifted in the future, the outlet said regulatory pressure on prediction market platforms, including Polymarket, is expanding across countries.
