Romanian Regulator Blacklists Polymarket as 'Gambling That Must Be Licensed'

Romania's National Office for Gambling (ONJN) has blacklisted Polymarket for operating gambling activities without a license in the country. The ONJN stated that Polymarket qualifies as a counterparty betting platform, as users stake money on future events. This decision is linked to significant activity surrounding Romanian elections, where betting amounts reached millions of dollars. ONJN President Vlad-Cristian Soare emphasized that the legality of betting is not dependent on the technology used, asserting that betting on future results falls under regulations for gambling, requiring a license. He insisted that blockchain technology should not be a guise for illegal betting practices. Polymarket’s designation as an “event trading platform” does not absolve it from being categorized as counterparty betting, risking a dangerous loophole in regulations. The platform, which saw a rise in predictable markets during the local elections, has also faced scrutiny internationally, including a fine from the CFTC in the U.S. for similar reasons.

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