Hungary and Portugal are stepping up regulatory action against the cryptocurrency-based prediction market Polymarket, adding to pressure on Europe’s crypto market, Cointelegraph reported on Monday.
Hungary’s regulator blocked access to Polymarket’s domain and subdomains, citing the organisation of illegal gambling activity. The measure will remain in place until the regulator completes its review.
Similar moves have been detected in Portugal. Portugal’s Gaming Regulation and Inspection Service (SRIJ) ordered Polymarket to halt its activities, but local media said the platform still appeared accessible, Cointelegraph reported. The action follows Ukraine’s move last week to block Polymarket after classifying it as unlicensed gambling. Polymarket has already been blocked in several countries, including France, Belgium, Poland, Singapore and Switzerland, for violations of gambling laws.
As legislation advances in the United States to restrict trading in political prediction markets, trading volume at Polymarket rival Kalshi hit a record $717 million on Jan. 12. Polymarket has not issued an official position on the latest regulatory measures.
Chi-gyu Hwang
delight@d-today.co.kr