The Argentine government has implemented a nationwide block on the Polymarket platform due to its operation without proper licensing. A court in Buenos Aires has requested internet service providers to restrict access and instructed Apple and Google to remove the app from their stores.
With this move, Argentina becomes the 34th country to fully restrict the platform.
Blocking Polymarket's Gambling Activities
The case originated from complaints by the Buenos Aires Lottery Bureau (LOTBA) and the Argentine Casino Association (CASCBA).
Authorities stated that Polymarket, as an unlicensed gambling platform, allows users to place bets using cryptocurrencies and credit cards without approval.
The case is being handled by the Gambling Prosecutor's Office (FEJA) under Judge Susana Parada. Following the ruling, the telecommunications regulator ENACOM was instructed to block access nationwide.
Argentina has ordered a complete block on the cryptocurrency-based prediction market platform Polymarket. A court in Buenos Aires has requested the telecommunications regulator ENACOM to restrict access through internet service providers and instructed Google and Apple to remove the app from the stores for Argentine users.
The court also mandated Google and Apple to remove the app in Argentina, even for users who have already downloaded it.
This decision came after a controversy regarding inflation data in Argentina. Reports indicated that Polymarket displayed a 2.9% inflation figure approximately 15 minutes before INDEC released the official data.
Concerns Over User Safety and Lack of Control
In its ruling, the court expressed concerns about the risks associated with the platform. Officials noted that the functionalities allowed by Polymarket increase risks, especially for young users and unregulated betting activities.
Data Breach Incident Increases Pressure
This decision was made following a controversy where Polymarket allegedly displayed a 2.9% inflation figure before INDEC's official release. This raised concerns over data misuse, prompting authorities to strengthen regulations on cryptocurrency-based betting platforms.