Argentina Orders Nationwide Block on Polymarket Over Gambling Concerns

Argentina has ordered a nationwide block on the crypto-based prediction market platform Polymarket, citing concerns that it was operating as an unlicensed gambling platform. This action makes Argentina the 34th country to fully restrict the platform.

Regulatory Action and Court Orders

The decision stems from complaints filed by the Buenos Aires City Lottery (LOTBA) and the Argentine Chamber of Casinos (CASCBA). A Buenos Aires court, under Judge Susana Parada, directed the telecom regulator ENACOM to block access through internet providers nationwide. Additionally, Google and Apple have been instructed to remove the Polymarket app from their stores for Argentine users, even affecting those who had already downloaded it.

Concerns Over User Safety and Unregulated Activity

The court highlighted significant risks associated with Polymarket's operations. The platform allows users to create accounts rapidly, trade using cryptocurrencies and credit cards, and access services without mandatory identity or age verification. Authorities expressed particular concern that these features could endanger younger users and facilitate unregulated betting.

Data Leak Controversy Adds Pressure

The regulatory action was intensified by a recent controversy where Polymarket reportedly displayed an inflation figure of 2.9% approximately 15 minutes before Argentina's National Institute of Statistics and Censuses (INDEC) released its official data. This incident raised alarms about potential data misuse and the need for stricter oversight of crypto-based betting platforms.

International Context

Argentina's move follows Colombia's similar restriction on Polymarket. In contrast, the U.S. Commodity Futures Trading Commission (CFTC) has taken a different stance, recently withdrawing a draft rule that would have banned political prediction markets like Kalshi and Polymarket.