A Buenos Aires court has ordered internet providers to block the blockchain-based prediction market Polymarket nationwide, ruling it operated as an unlicensed online betting platform. The decision also directs Google and Apple to remove the app from local stores.
Judicial Ruling and Government Orders
Judge Susana Parada issued the order after an investigation by the city’s gambling prosecutors. The court concluded that Polymarket lacked proper licensing and failed to implement basic identity verification and age checks required under Argentine law.
Argentina’s telecom regulator, ENACOM, has been instructed to enforce the block nationwide, with internet providers responsible for compliance. Google and Apple must remove or restrict the mobile application within the country.
Platform Characteristics and Regulatory Concerns
Polymarket allows users to trade on the outcomes of real-world events using cryptocurrency or credit cards
Authorities say the platform’s lack of safeguards, including no anti-money-laundering (AML) or know-your-customer (KYC) requirements, allows rapid account creation and unmonitored trading. This effectively functions as unregulated gambling, increasing risks for users, particularly minors.
Regulators argue that prediction markets operating without licensing or oversight can blur the line between financial markets and betting. Polymarket’s structure, they say, amplifies the potential for risky behavior and regulatory violations.
Controversy and Wider Regulatory Context
The ruling followed scrutiny over a Polymarket contract tied to Argentina’s February inflation data, which saw unusually high trading activity minutes before the official release. Authorities raised concerns about potential market manipulation.
Argentina’s action is part of a broader global crackdown on crypto-enabled prediction markets. Several European countries have previously blocked or restricted Polymarket for operating without licenses
Why This Matters
Polymarket is one of the world’s largest decentralized prediction markets, hosting millions of users across hundreds of markets covering politics, economics, and crypto. Argentina’s ban is unlikely to significantly affect global activity unless other countries follow with similar restrictions.
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People Also Ask:
What is Polymarket? Polymarket is a decentralized prediction market platform where users can trade on the outcomes of real-world events, including politics, economics, and cryptocurrencies, using crypto or other digital payment methods.
How do prediction markets work? Prediction markets let participants place bets or trades on the probability of specific events happening. Prices reflect the collective market opinion and can change as new information emerges.
What are the risks of using unregulated prediction markets? Risks include financial loss, potential exposure to market manipulation, lack of consumer protections, and limited recourse if disputes arise. Users may also face legal or regulatory consequences in certain jurisdictions.
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