Argentina has ordered a nationwide block of prediction market platform Polymarket, tightening its stance on what authorities describe as unlicensed online betting activity.
Summary
- Argentina has ordered a nationwide block of Polymarket, citing illegal gambling concerns and risks tied to crypto payments and lack of identity checks.
- Regulators have directed ENACOM to enforce the ban and asked Google and Apple to remove the app following complaints from local gaming bodies.
According to local media, a Buenos Aires court has directed regulators to move forward with enforcement after concluding that the platform operated outside the country’s legal gambling framework.
Authorities highlighted consumer protection risks among others, including the use of crypto payments, credit card deposits, and the absence of robust age or identity verification checks that could allow minors to participate.
There are also broader regulatory concerns behind this decision, tied to how prediction markets blur the line between financial speculation and gambling.
Authorities raised concerns about Polymarket’s handling of Argentina’s February inflation rate of 2.9% before the official release. Reports say the platform reportedly reversed its prediction just 15 minutes before the data was published, which authorities found suspicious.
The authorities concluded that the platform functioned as an online betting system rather than a neutral prediction market.
Subsequently, authorities asked the telecom regulator ENACOM to coordinate with internet service providers to enforce the block. Meanwhile, Google and Apple have been ordered to remove the platform’s apps, limiting access for local users.
The latest order also follows multiple complaints from entities such as the Buenos Aires City Lottery and the Argentine Chamber of Casinos and Bingos, which pushed for action against the platform.
Argentina now joins a long list of countries, notably across Europe and Latin America, that have taken action against the platform.
Last year, Colombia and Romania banned the platform, classifying it as unauthorized gambling activity within their jurisdictions.
Similar concerns have been raised across several states in the U.S., where regulators are examining whether event-based contracts offered by platforms like Polymarket fall under existing gambling or derivatives laws.
Separately, Polymarket is also facing scrutiny over its handling of markets tied to sensitive events, including contracts linked to death and violent outcomes, which have drawn criticism from lawmakers and prompted fresh legislative efforts.
Source: https://crypto.news/polymarket-banned-in-argentina-after-regulatory-probe/
