Romania blacklists Polymarket for illegal crypto betting amid $600M election wagers

Romania’s National Office for Gambling (ONJN) has blacklisted leading prediction market Polymarket, calling it an unlicensed gambling platform operating outside state oversight.

The decision follows what regulators described as a surge in crypto-based betting during Romania’s presidential and local elections, where Polymarket’s trading volume reportedly exceeded $600 million, according to a recent statement from the regulator.

ONJN added that the platform’s activity constitutes “counterpart betting,” meaning users wager money against one another on the outcomes of future events, a model that falls squarely under gambling laws, regardless of its blockchain-based format.

ONJN President Vlad-Cristian Soare stressed that the move “is not about technology, but about the law.” He said that whether bets are made in lei or crypto, they still qualify as gambling and must be licensed.

Related: Predictions platform Kalshi sues NY regulator, claiming overreach

Romania says Polymarket’s event trading is gambling

Authorities cited several violations, including lack of fiscal reporting, player protection mechanisms, and Anti-Money Laundering (AML) oversight.

While Polymarket brands itself as an “event trading” platform, ONJN argued that its structure, with users betting money on uncertain outcomes and the platform taking a commission, meets all legal definitions of gambling. Romanian internet providers will now be required to block access to the site.

The action mirrors similar measures taken elsewhere. Polymarket was fined by the US Commodity Futures Trading Commission (CFTC) in 2022 for operating unregistered derivatives markets, forcing it to block American users.

Regulators in Belgium, France, Poland, Singapore and Thailand have also restricted access. Despite these challenges, Polymarket has continued to grow, recently securing a $2 billion investment from Intercontinental Exchange, parent company of the New York Stock Exchange.

Related: Nobel Peace Prize Bets on Polymarket Under Scrutiny: Report

Polymarket prepares US comeback

Polymarket is reportedly preparing to resume trading in the US within weeks, focusing first on sports-related markets. According to Bloomberg, the platform aims to reopen limited trading for US users before the end of November.