The Buenos Aires court recently issued a national ban, ordering the blocking of one of the world's largest prediction market platforms, Polymarket, and mandating Google and Apple to remove its app from app stores across Argentina. This is the first time a Latin American country has taken such measures against a crypto-based prediction market, marking a significant upgrade in regional regulatory efforts. In plain terms, the government has identified it as an unlicensed gambling platform and directly blacklisted it on the internet. Want to keep up with the latest developments in global prediction market regulation? Visit the PASA official website for ongoing updates.
Regulatory charges: Unlicensed operation, minors can bet freely
The case began when the Buenos Aires lottery bureau discovered that Polymarket was operating without authorization. The Office of the Professional Gambling Prosecutor immediately launched an investigation, concluding that it constituted a "covert online gambling system." The investigation found that the platform allows users to quickly create accounts without any identity or age verification, making it easily accessible to minors. Transactions can be made using cryptocurrencies and credit cards, further increasing user risk. The prosecutor's statement pointed out that this means anyone—including children and teenagers—can access the platform and start betting without any regulation.
Insider trading suspicions: Abnormal trading before inflation data release
Before the court's intervention, a surge in bets around Argentina's February inflation data sparked public controversy. Shortly before the official INDEC data release, related transactions on the Polymarket platform approached $91,000. Analysts noted that market prices adjusted sharply to the final figures minutes before the release, raising suspicions of early access or insider information. Polymarket does not have a gambling license in any Argentine province, nor is it recognized by the Argentine State Lottery Association, and complaints from multiple industry associations further confirm its violations.
International context: Multiple countries clamp down on prediction markets
Argentina's actions are in line with the global tightening of regulations on prediction markets. Polymarket has previously been blocked in France, Italy, Germany, and other countries for operating without a license. Portugal has banned it from offering bets on political events, and Dutch regulatory authorities have also imposed sanctions on its unlicensed operations. Neighboring Brazil has also closely monitored similar platforms following Kalshi's entry. The recent ruling requires ENACOM to notify internet service providers nationwide to block the platform. Polymarket has not yet responded. Want to keep up with the latest in Latin American gambling regulation? Visit the PASA official website for ongoing updates.
————
This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
Original in-depth gambling channel:https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
