Romania’s National Office for Gambling (ONJN) has officially blacklisted the leading crypto prediction platform Polymarket, labeling it an unlicensed gambling operator functioning outside national oversight.
The regulator said the move came after a sharp rise in crypto-based betting during the country’s presidential and local elections, where Polymarket’s trading volume reportedly topped $600 million.
According to ONJN, Polymarket’s system involves “counterpart betting,” where users wager directly against each other on the outcomes of real-world events. This structure, the agency noted, meets the legal definition of gambling regardless of its blockchain format.
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ONJN President Vlad-Cristian Soare emphasized that the decision was based on legality, not technology.
“It doesn’t matter whether bets are made in lei or crypto. They are still gambling and must be properly licensed.”
Vlad-Cristian Soare
Regulators Tighten Global Scrutiny on Polymarket
Authorities in Romania said Polymarket violated several national laws, including failing to provide fiscal reports, lacking player protection systems, and operating without proper Anti-Money Laundering (AML) controls.
Although Polymarket describes itself as an “event trading” platform, the ONJN argued that its model, where users bet money on uncertain outcomes and the platform earns a commission, fits the full legal definition of gambling. As a result, Romanian internet providers are now required to block public access to the site.
The move aligns with actions taken by regulators in other countries. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket for running unregistered derivatives markets, leading to a ban on American users. Similar restrictions have been imposed in Belgium, France, Poland, Singapore, and Thailand.
Despite the mounting regulatory pressure, Polymarket continues to expand, recently attracting a $2 billion investment from Intercontinental Exchange, the parent company of the New York Stock Exchange.
