The Romanian National Gambling Office (ONJN) has blacklisted the leading prediction market Polymarket, labeling it as an unlicensed gambling platform operating outside national regulations.

According to a recent statement from the regulatory body, this decision was made following a surge in cryptocurrency-based gambling during the Romanian presidential and local elections, with Polymarket's trading volume reportedly exceeding $600 million.

ONJN added that the platform's activities constitute "counterparty betting," where users bet against each other on the outcomes of future events. This model falls entirely within the realm of gambling law, regardless of its blockchain-based format.

ONJN Chairman Vlad-Cristian Soare emphasized that this move "is not about technology, but about law." He stated that betting, whether in lei or cryptocurrency, still constitutes gambling and must be licensed.

The authorities cited several violations, including a lack of financial reporting, player protection mechanisms, and anti-money laundering (AML) regulations.

While Polymarket markets itself as an "event trading" platform, ONJN believes its structure—where users bet on uncertain outcomes and the platform takes a commission—fits all legal definitions of gambling. Romanian internet service providers will now be required to block access to the site.

This action echoes similar measures taken elsewhere. Polymarket was fined by the U.S. Commodity Futures Trading Commission (CFTC) in 2022 for operating an unregistered derivatives market, forcing it to block U.S. users.

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

Reports indicate that Polymarket is preparing to resume trading in the U.S. within weeks, initially focusing on sports-related markets. According to Bloomberg, the platform aims to reopen limited trading for U.S. users by the end of November.

This move comes after the CFTC recently issued a no-action letter to Polymarket regarding its acquisition of a cryptocurrency derivatives exchange, effectively paving the way for its relaunch.

Related: Can ChatGPT really predict the next crypto market crash?

Original: “Romania Blacklists Polymarket for Illegal Crypto Betting”

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