- Romania halts access to Polymarket platform
- $600M in crypto bets tied to global elections
- Authorities cite illegal gambling and regulatory risks
Crypto Betting Faces a Crackdown in Romania
In a sharp move against unregulated crypto gambling, Romania has officially banned access to Polymarket, a decentralized prediction market platform. The decision comes after the platform saw a staggering $600 million in crypto bets, many of which were tied to high-stakes global elections, including the upcoming U.S. presidential race.
Authorities claim that Polymarket violated local laws by allowing citizens to participate in what is considered illegal gambling activity under Romanian regulation . The surge in politically themed crypto wagers raised serious red flags among regulators, who fear such platforms could influence or disrupt electoral processes.
What is Polymarket and Why Was It Targeted?
Polymarket is a blockchain-based prediction market that allows users to bet on the outcomes of real-world events using cryptocurrency. These range from political elections to sports and even economic trends.
Although it operates in a decentralized and permissionless manner, it has caught the attention of global regulators for enabling users to bypass traditional betting laws. The platform’s rapid rise in activity—especially around the U.S. 2024 election—has triggered scrutiny in several jurisdictions, with Romania being the latest to act.
The Romanian National Gambling Office (ONJN) stated that platforms like Polymarket pose a risk to financial integrity and lack the necessary licenses to operate legally within the country.
The Bigger Picture for Crypto Betting Platforms
Romania’s ban could set a precedent in Eastern Europe and potentially influence other EU countries to evaluate the legality of decentralized betting markets. While proponents argue these platforms represent a new frontier for open finance and information markets, regulators remain wary about their use for evading financial oversight, anti-money laundering rules, and tax obligations.
As election-related bets continue to surge, especially with $600M already placed, more countries may follow Romania’s lead. This raises an important question: Can decentralized platforms like Polymarket coexist with traditional regulatory frameworks, or will more bans force them to adapt—or relocate?
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