PANews reported on January 20 that, according to CoinDesk, Portugal's gambling regulator SRIJ has ordered the blockchain-based prediction market Polymarket to ceasePANews reported on January 20 that, according to CoinDesk, Portugal's gambling regulator SRIJ has ordered the blockchain-based prediction market Polymarket to cease
Portuguese regulators have ordered the prediction market Polymarket to cease operations in the country.
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PANews reported on January 20 that, according to CoinDesk, Portugal's gambling regulator SRIJ has ordered the blockchain-based prediction market Polymarket to cease operations in the country within 48 hours after more than €103 million (approximately $120 million) in bets placed on the platform in response to the January 18 presidential election results.
Regulators have pointed out that Polymarket does not hold a Portuguese betting license, and that Portuguese law prohibits betting on the outcome of real-world events such as politics, allowing only sports betting, casino games, and horse racing betting. Polymarket is currently accessible in Portugal, but regulators may soon require internet service providers to block it.
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