Romania’s National Office for Gambling (ONJN) has blacklisted leading prediction market Polymarket, classifying it as an unlicensed gambling platform operating outside state oversight. This decision comes in response to a significant increase in crypto-based betting observed during Romania’s presidential and local elections.
According to a recent statement from the regulator, Polymarket’s trading volume during these elections reportedly exceeded $600 million. The ONJN stated that the platform’s activities constitute “counterpart betting,” where users wager money against each other on the outcomes of future events. This model, the regulator emphasized, falls squarely under gambling laws, irrespective of its blockchain-based format.
ONJN President Vlad-Cristian Soare clarified that the action is driven by legal principles rather than technological concerns. He asserted that bets made in any currency, including cryptocurrencies, are still considered gambling and require proper licensing.
Regulatory Concerns and Enforcement
Authorities cited several violations by Polymarket, including a lack of fiscal reporting, insufficient player protection mechanisms, and inadequate Anti-Money Laundering (AML) oversight. Despite Polymarket branding itself as an “event trading” platform, the ONJN argued that its structure—involving users betting money on uncertain outcomes and the platform collecting a commission—meets all legal definitions of gambling. Consequently, Romanian internet providers are now mandated to block access to the site.
This action by Romania is consistent with measures taken by other jurisdictions. In 2022, Polymarket was fined $1.4 million by the US Commodity Futures Trading Commission (CFTC) for operating unregistered derivatives markets, which led to the blocking of American users. Regulatory bodies in Belgium, France, Poland, Singapore, and Thailand have also imposed restrictions on the platform.
Despite these international challenges, Polymarket has experienced growth, recently securing a $2 billion investment from Intercontinental Exchange, the parent company of the New York Stock Exchange.
Polymarket's Planned US Relaunch
Polymarket is reportedly preparing to resume trading in the United States within the coming weeks, with an initial focus on sports-related markets. According to Bloomberg, the platform intends to reopen limited trading for US users before the end of November. This move follows the CFTC's recent issuance of a no-action letter to a crypto derivatives exchange acquired by Polymarket, which has effectively paved the way for its relaunch in the US.