An Argentine court has ordered a nationwide ban on the cryptocurrency prediction platform Polymarket, citing its failure to obtain the necessary gambling license. The ruling, issued by a court in Buenos Aires, also directs Google and Apple to remove the application from their respective app stores within Argentina.
This legal action follows an investigation launched by a specialized gambling enforcement agency, which characterized Polymarket as a “covert online betting system” operating without proper authorization. The Buenos Aires Specialised Gambling Prosecutor’s Office, established recently to oversee such matters, responded to a complaint filed by the Buenos Aires City Lottery, which had identified Polymarket’s operations within the country without a valid license.
The investigation uncovered that Polymarket allowed users to create accounts rapidly, without requiring identity verification or age checks. Furthermore, it was found that the platform does not hold any licenses registered with the Association of State Lotteries of Argentina. These breaches of regulatory standards prompted the court to intervene decisively, potentially paving the way for broader enforcement actions across Argentina.
Polymarket has not yet issued a public statement regarding the court’s decision. The regulatory landscape for crypto prediction markets has become increasingly stringent worldwide, especially following high-profile enforcement measures in Europe. In Portugal, local authorities declared Polymarket unauthorized to offer betting services. The Serviço de Regulação e Inspeção de Jogos (SRIJ) emphasized that Portuguese law prohibits betting operations on political events, whether domestic or international. This crackdown followed reports of a significant €103 million surge in election-related wagers placed on the platform. The SRIJ issued a formal directive to cease such activities, deeming them unauthorised.
Similarly, the platform faced penalties from the Dutch gambling regulator, Kansspelautoriteit (KSA), which found that Polymarket was operating within the Netherlands without a valid gambling license. In addition, prediction markets are under increasing scrutiny in Brazil, especially following the announcement by Kalshi to enter the market, its first outside the United States. The Brazilian regulatory authority, the Secretariat of Prizes and Bets, responded swiftly, stating:
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“The prediction market is part of the Secretariat’s internal analysis agenda, with preliminary studies under way. It should be noted that, at present, there are no Brazilian companies formally authorised by the SPA to operate in this segment.”
These developments illustrate a growing international trend towards tighter regulation and enforcement concerning prediction markets and online betting platforms. Argentine Ban Polymarket
