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

Romania's National Office for Gambling (ONJN) has blacklisted the prediction market platform Polymarket for conducting gambling activities without a license. The ONJN argues that Polymarket's operations constitute 'counterparty betting,' where users place bets on future events with potential payouts determined by those events, thus necessitating licensing under local law. ONJN President Vlad-Cristian Soare emphasized that despite the platform's classification as an event trading site, it effectively operates as a betting platform contradicting gambling regulations. The rising betting volumes associated with Romanian elections, such as predictions surrounding Bucharest's mayoral race, heightened the regulator's concerns. This decision aligns with similar scrutiny Polymarket faced internationally, including an investigation last year by France's National Gaming Authority for compliance issues with French gambling legislation. The ONJN has stated it will not allow blockchain technology to serve as a cover for illegal betting practices, underscoring its commitment to uphold local gambling laws.

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