An Argentinian judge has mandated a nationwide block on cryptocurrency-based prediction market platform Polymarket for not holding a relevant gambling licence.
The decision from a Buenos Aires court has also instructed Google and Apple to remove the application from their respective app stores within Argentina.
This development follows an inquiry initiated by a specialised gambling prosecution office which labelled Polymarket as a “covert online betting system” operating without proper authorisation.
The newly established Buenos Aires Specialised Gambling Prosecutor’s Office was responding to a complaint filed by the Buenos Aires City Lottery, which had detected Polymarket operating in Argentina without a licence.
The investigation revealed that Polymarket facilitated rapid account creation without conducting any identity verification or age checks.
It was also found that the platform holds no licences registered with the Association of State Lotteries of Argentina. These regulatory breaches prompted the court’s decisive intervention, opening the door to potentially broader enforcement actions within the country.
Polymarket has yet to issue a public response to requests for comment on the matter.
Platform faces cross-border clampdown
Regulatory scrutiny of crypto prediction markets has accelerated internationally, notably following high-profile enforcement actions in Europe.
According to local reporting, in Portugal the national regulator declared Polymarket unauthorised to offer betting services. They emphasised that Portuguese law prohibits betting operations on political events, whether domestic or international.
This action followed a remarkable €103 million surge in election-related wagers reported on the platform. The Serviço de Regulação e Inspeção de Jogos (SRIJ) identified these activities as unauthorised, leading to a formal directive to cease operations.
The platform was also recently slapped with a penalty order by Dutch gambling regulator Kansspelautoriteit (KSA). The regulator found that it had been operating in the Netherlands without a gambling license.
Prediction markets are also under scrutiny in Argentina’s bordering country of Brazil, after Kalshi announced its launch in the market, its first outside the US.
The Brazilian betting regulator, the Secretariat of Prizes and Bets, issued a response shortly after, stating it was continuing to monitor prediction markets.
“The prediction market is part of the Secretariat’s internal analysis agenda, with preliminary studies under way,” the SPA said. “It should be noted that, at present, there are no Brazilian companies formally authorised by the SPA to operate in this segment.”
Original article: https://igamingbusiness.com/legal-compliance/regulation/argentine-judge-orders-nationwide-block-on-polymarket-app-store-removal/
