A Buenos Aires court has ordered a nationwide block of the crypto-based prediction market platform Polymarket, citing unauthorized gambling concerns. The ruling, issued by the Court of First Instance in Criminal, Contravention and Minor Offenses No. 31, instructed Argentina’s national communications regulator, ENACOM, to block access to Polymarket websites and mobile applications. The directive applies to Android and iOS apps and covers existing users in the country.
Gambling Concerns and Regulatory Action
The case was initiated by the Buenos Aires City Lottery (LOTBA), which regulates gambling in the city. Prosecutor Juan Rozas of the Specialized Gaming Prosecutor’s Office opened the investigation after LOTBA reported that Polymarket allowed users to place bets without sufficient identity or age verification. Authorities highlighted risks that minors could access the platform, raising concerns over compliance with Argentina’s Criminal Code on gambling activities.
Market and App Implications
The court’s order also instructed Google and Apple to remove Polymarket apps from their stores in Argentina. Users are reportedly discussing VPN workarounds, though the enforcement remains a challenge. The move follows earlier scrutiny of Polymarket’s inflation prediction markets, which closely mirrored official statistics, intensifying debate over potential insider trading.
Argentina’s decision reflects a broader global trend, with countries including the Netherlands, Hungary, Portugal, Ukraine, and Colombia taking similar measures to restrict unauthorized prediction markets. Regulatory authorities emphasize the need for user protection and compliance with national gambling laws.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.