The Buenos Aires court recently issued a national ban, requiring the blocking of the cryptocurrency prediction market platform Polymarket, and mandating Google and Apple to remove its app from app stores throughout Argentina. This action stems from an investigation by the Office of the Professional Gambling Prosecutor, which determined that the platform operated as a "covert online gambling system" without authorization. In plain terms, it's deemed an unlicensed casino and directly blacklisted 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: No identity verification, minors can bet freely
The investigation was initiated by the Buenos Aires City Lottery Bureau after discovering Polymarket's unlicensed operations. The Prosecutor's Office found that the platform allowed users to quickly create accounts without any identity or age verification, enabling easy access for minors. The platform also failed to register any licenses with the Argentine State Lottery Association. These violations prompted the court to decisively intervene, opening the door for broader law enforcement actions in the country.
European precedents: Portugal and the Netherlands have taken enforcement actions
The regulatory scrutiny of the cryptocurrency prediction markets has accelerated internationally, especially in Europe. The Portuguese regulatory authority recognized Polymarket's unauthorized provision of gambling services, emphasizing that Portuguese law prohibits betting on political events. The platform previously attracted attention due to a surge in election-related bets amounting to 103 million euros. The Dutch gambling regulatory authority also recently imposed a penalty on it, recognizing its unlicensed operations.
Brazil on alert: Neighboring countries closely monitor the prediction market movements
The prediction market in Argentina's neighboring country, Brazil, is also under scrutiny. After Kalshi announced its entry into the Brazilian market, the Brazilian gambling regulatory authority, the Bonus and Betting Secretariat, responded by stating that it is continuously monitoring the prediction market and emphasized that no Brazilian company has yet received formal authorization to operate this business. Want to know the latest on Latin American gambling regulation? Visit the PASA official website for ongoing updates.
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
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