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Polymarket Banned By Romanian Regulator for Illegal Crypto Betting Following $600 Million Election Wagers

Polymarket Banned By Romanian Regulator for Illegal Crypto Betting Following $600 Million Election Wagers

Regulators cite lack of licensing and AML oversight as Romania moves against crypto betting platforms.

Written by Rahul Dhingra, Edited by David Delima | Updated: 3 November 2025 18:14 IST

Polymarket Banned By Romanian Regulator for Illegal Crypto Betting Following $600 Million Election Wagers

Photo Credit: Unsplash/Priscilla Du Preez

Romania’s ONJN calls Polymarket’s event trading unlicensed gambling amid $600M crypto bets

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Highlights

Romania cites AML lapses in action against Polymarket
ONJN labels event trading as an illegal gambling activity
Platform plans partial US relaunch post-regulatory clearance

Romania's National Office for Gambling (ONJN) has officially blacklisted leading blockchain-based prediction market Polymarket, citing its operation as an unlicensed gambling platform outside state oversight. The regulator's action follows a significant spike in cryptocurrency-based wagering during the local and presidential elections in Romania, when Polymarket's trading volume topped $600 million (roughly Rs. 53,200 crore). Authorities stated that, despite the platform's use of blockchain technology, its structure and activities fall under the country's gambling laws.

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In a statement, ONJN defined Polymarket's operations as “counterparty betting,” meaning users wager against each other on future events, with the platform earning commissions. This decision “is not about technology, but about the law”, ONJN President Vlad-Cristian Soara explained, adding that national gambling laws still apply whether wagers are made in cryptocurrency or Romanian lei. As part of the ruling, Romanian internet providers have been ordered to block local access to Polymarket's website.

The ONJN identified several infractions, such as the lack of player protection measures, fiscal reporting, and anti-money laundering (AML) compliance systems. While Polymarket has described itself as an “event trading” or “information market” platform, regulators maintain that its operations meet the legal definition of gambling, given users' direct monetary wagers and the platform's intermediary role. Romania is now part of an increasing number of nations that are strengthening their regulation of decentralised betting and financial services based on blockchain technology.

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Polymarket is no stranger to regulatory scrutiny. In 2022, the platform was fined by the US Commodity Futures Trading Commission (CFTC) for running unregistered derivatives markets and was subsequently required to block American users. Similar restrictions are imposed in France, Belgium, Poland, Singapore, and Thailand. The parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), recently invested $2 billion (roughly Rs. 17,754 crore) in Polymarket, demonstrating the platform's ability to draw in investment and expand its user base despite these setbacks.

Looking ahead, Polymarket appears to be preparing a return to the US market, this time focusing on sports-related prediction markets. Reports indicate that, following a recent CFTC no-action letter to a crypto derivatives exchange acquired by Polymarket, the platform may resume limited trading for US users before the end of November, marking a significant comeback despite ongoing regulatory scrutiny.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Cryptocurrency, Crypto Betting, Polymarket, Crypto News

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More