Romania’s National Office for Gambling (ONJN) has blacklisted blockchain-based prediction market Polymarket, calling it an unlicensed gambling operator. The regulator stated that the platform offered betting services to local users without authorization and outside fiscal supervision. This decision follows what ONJN described as a surge in crypto-based betting during Romania’s presidential and local elections. The regulator estimated that Polymarket’s trading volumes exceeded $600 million during the campaign period, reflecting growing retail participation in political wagers through decentralized platforms.
ONJN classified Polymarket’s model as “counterpart betting,” where users place money against one another on future outcomes. This structure meets the legal definition of gambling under Romanian law, regardless of whether wagers are made in fiat or crypto. The office announced that internet providers would be instructed to block local access to the site.
Investor Takeaway
Romania’s ruling adds to a string of global enforcement actions against prediction markets, signaling that regulators are treating tokenized event contracts as gambling, not trading.
“Not About Technology, But About the Law”
ONJN President Vlad-Cristian Soare emphasized that the move was driven by legal definitions rather than by blockchain’s novelty. He stated, "This is not about technology, but about the law. Whether bets are made in lei or crypto, they are still gambling and must be licensed." Authorities cited Polymarket’s lack of fiscal reporting, player protection systems, and Anti-Money Laundering (AML) safeguards. The platform, which charges a fee on user wagers, was found to have no mechanism for verifying player identity or preventing underage participation—both of which are requirements under Romanian gambling law.
Polymarket markets itself as an “event trading” platform, but ONJN asserted that this framing does not exempt it from oversight. The regulator clarified, “Users are not investing in financial assets. They are betting on uncertain outcomes, and the operator takes a commission.”
Global Pattern of Enforcement
Romania joins a growing list of jurisdictions restricting access to Polymarket. In 2022, the platform was fined by the U.S. Commodity Futures Trading Commission (CFTC) for running unregistered event-based derivatives markets and was ordered to block U.S. residents. Regulators in Belgium, France, Poland, Singapore, and Thailand have taken similar actions, citing local gambling and securities laws.
Despite these restrictions, Polymarket has continued to attract institutional attention. The firm recently secured a $2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. ICE executives indicated that the deal was intended to explore “regulated applications” of event-based contracts, although specific details of the partnership remain undisclosed. Observers note that ICE’s involvement underscores growing interest in integrating blockchain-based prediction mechanisms into traditional markets, but enforcement bodies remain wary of platforms that blur the line between derivatives and gambling.
Investor Takeaway
The ICE investment provides Polymarket with mainstream credibility, but national bans highlight the legal tightrope prediction markets face as they expand globally.
Polymarket Eyes U.S. Relaunch
Polymarket is preparing to resume limited trading in the United States within weeks, initially focusing on sports-related contracts. According to Bloomberg, the relaunch could occur before the end of November, following a CFTC no-action letter issued to a crypto derivatives exchange acquired by Polymarket. This letter clears the path for reopening under specific conditions tied to compliance and customer verification.
The company’s return to the U.S. market marks its first attempt to operate within a regulated framework since its 2022 settlement. Industry analysts suggest that the outcome will determine whether event-based trading can coexist with national gambling laws, or if the category will remain confined to offshore venues.