Argentina has taken steps to restrict access to the prediction market platform Polymarket after a court in Buenos Aires ruled that it was operating as an unapproved betting service.
In a decision delivered by Judge Susana Parada, authorities ordered a nationwide block of the website and instructed Google and Apple to either remove or limit access to the app on mobile devices.
Lack of Licensing and Oversight Raises Concerns
The action follows an investigation led by Prosecutor Juan Rozas, who handles gambling related cases in the city. As part of the enforcement process, the telecommunications regulator Ente Nacional de Comunicaciones has been tasked with ensuring that internet providers block access to the platform across the country.
Investigators found that Polymarket enabled users to trade on the outcomes of real world events without following established gambling regulations. According to prosecutors, accounts could be created quickly without proper identity or age verification, allowing unrestricted participation, including by minors.
They also noted that the platform supported payments through cryptocurrencies and credit cards without applying the safeguards required for regulated betting services. The case began after a complaint from the Lotería de la Ciudad de Buenos Aires, which accused the platform of offering services locally without authorization. Further checks with the Asociación de Loterías Estatales de Argentina confirmed that Polymarket does not hold a valid license in any jurisdiction.
The court’s ruling became public during a wider debate surrounding Argentina’s inflation data. Shortly before the national statistics agency INDEC released its February figures, probabilities on global prediction platforms had already shifted toward a higher outcome.
While analysts had projected inflation between 2.6 percent and 2.8 percent, the official figure came in at 2.9 percent. Trading activity on Polymarket related to this data rose to around 91,000 dollars in the minutes before the release, prompting speculation that the figures may have circulated ahead of time.
This situation reflects a broader pattern of increasing regulatory pressure on prediction market platforms. Companies such as Polymarket and Kalshi are facing scrutiny or legal challenges in several regions, including France, Germany, Italy, Australia, Singapore, Portugal, Hungary, Thailand, and the Netherlands.
Concerns Over Misuse of Sensitive Information
Earlier in the year, authorities in Israel charged a military reservist and a civilian for allegedly using classified intelligence to gain an advantage on the platform. A joint investigation by the Defense Ministry, Shin Bet, and national police indicated that confidential operational information may have been used to place highly confident bets on future military events.
Prosecutors filed serious charges including security breaches, bribery, and obstruction of justice, while a court order has restricted further public disclosure of details related to the case.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
