Portugal orders Polymarket blocked after election bets surge before results announced

Portugal's Gaming Regulation and Inspection Service (SRIJ) has ordered the crypto-based prediction market platform Polymarket to cease operations and be blocked within 48 hours, deeming it illegal because it is unauthorized and political betting is prohibited under national law. This action followed unusually heavy activity surrounding Portugal's recent presidential election, where over €4 million was wagered just before the results were announced, raising concerns about the use of leaked information. Authorities noted they cannot guarantee users will recover funds once the platform is blocked. Polymarket, which allows users to trade on real-world events using cryptocurrency, faces increasing regulatory pressure globally, with similar crackdowns occurring in Hungary and enforcement actions in several U.S. states like Tennessee.

(Source：The Block)