The Romanian National Office for Gambling (ONJN) has blacklisted the prominent prediction marketing in the prediction market, declaring it an unlicensed gambling platform that operates outside of state supervision.
The decision follows what regulators described as an increase in crypto-based betting during Romania’s presidential and local elections, where Polymarket’s trading volume reportedly exceeded $600 million, according to a recent statement from the regulator.
Ongen added that the platform’s activity constitutes “counterparty betting,” meaning users bet money against each other on the outcome of future events, a model that falls under gambling laws regardless of its blockchain-based format.
ONJN president Vlad-Thirti Sower asserted that the initiative is “not about technology, but about law.” Whether they are betting or crypto, they still qualify as gambling and should be licensed, he said.
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Romania says Polymarket’s event trading is gambling
Authorities cited a number of violations, including a lack of financial reporting, player protection procedures, and anti-money laundering (AML) oversight.
Although Polymarket has branded itself as an “event trading” platform, ONJN argued that its structure, with uncertain outcomes and betting money on a platform that takes commissions on the platform, meets all the legal definitions of gambling. Romanian internet providers will now be required to block access to the site.
The action mirrors similar measures taken elsewhere. Polymarket was fined by the US Commodity Futures Trading Commission (CFTC) in 2022 for operating unregistered derivatives markets, forcing it to bar US customers.
Regulators in Belgium, France, Poland, Singapore and Thailand have also restricted access. Despite these challenges, Polymarket continues to grow, recently receiving a $2 billion investment from the Intercontinental Exchange, the parent company of the New York Stock Exchange.
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Polymarket generates returns to us
Polymarket is reportedly preparing to resume trading in the US within weeks, focusing first on sports-related markets. According to Bloomberg, the platform aims to reopen limited trading to US users before the end of November.
The move follows the CFTC’s recent no-action letter to a crypto derivatives exchange acquired by Polymarket, which effectively cleared the way for its relaunch.
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