The National Office for Gambling in Romania (ONJN), has placed the leading betting market Polymarket on its blacklist, claiming that it is a gambling platform without a license and operating outside of state supervision.
Polymarket, which reportedly had a trading volume of over $600,000,000, was cited by regulators as having experienced a boom in cryptocurrency-based bets during the Romanian presidential and local election. according A recent regulator’s statement is worth a read.
ONJN also added that platform activity represents “counterpart betting,” Meaning users bet against each other on the outcome of future events. This model falls directly under gambling laws regardless its blockchain-based form.
Vlad-Cristian Soare President of ONJN stressed the importance of this move “is not about technology, but about the law.” He explained that whether you bet in lei or crypto, it is gambling. You need a license.
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Romania declares that event trading by Polymarket is gambling
The authorities cited a number of violations including the lack fiscal reporting and player protection mechanisms. Anti-Money Laundering (AML) oversight.
Polymarket has branded itself as a retailer. “event trading” ONJN’s platform argued its structure – whereby users wager money in uncertain outcomes while the platform takes a commission – met all legal gambling definitions. Romanian internet service providers must now block the website.
This action is similar to other measures that have taken place. Polymarket has been fined in 2022 by the US Commodity Futures Trading Commission for operating unregistered derivatives marketsIt is forcing the site to stop accepting American users.
The Belgian regulators FrancePoland, Singapore and Thailand have also restricted access. Polymarket continues to grow despite all of these obstacles. securing a $2 billion investment Intercontinental Exchange (parent company of New York Stock Exchange)
Related: Nobel Peace Prize Bets on Polymarket Under Scrutiny: Report
Polymarket is preparing for a US return
The Polymarket company is reported to be a polymer retailer preparing to resume trading in the US In the coming weeks, we will be focusing on sports markets. Bloomberg reported that the platform is aiming to open limited trading before the end November for US-based users.
This is the move that follows. CFTC’s recent no-action letter Polymarket acquired the crypto derivatives trading exchange and cleared the path for its relaunch.
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Source: cointelegraph.com
