Another European Country Bans Polymarket, Threatens Massive Fine
Dutch regulators have banned crypto prediction platform Polymarket, threatening weekly fines up to €840,000 for operating without a license.Summary
The Dutch gambling authority, Kansspelautoriteit (Ksa), issued a formal enforcement order against Polymarket's operator, Adventure One QSS Inc., demanding it cease operations in the Netherlands for offering illegal gambling services without a license. The Ksa imposed a penalty of €420,000 per week, potentially reaching a maximum of €840,000, after the platform failed to make visible changes following prior contact, particularly concerning betting on Dutch elections. The regulator classifies prediction markets as gambling under Dutch law, stressing that election betting is prohibited entirely due to potential societal risks to democratic processes. This action follows similar bans or restrictions in Portugal, Italy, Belgium, Romania, and Hungary, highlighting a growing European crackdown. Polymarket's creator, Shayne Coplan, argues that prediction markets are financial infrastructure, but European regulators increasingly disagree, escalating enforcement beyond simple access blocks to direct financial penalties.
(Source：BeInCrypto)