Hungary and Portugal have moved to restrict access to the crypto-based prediction market Polymarket, intensifying regulatory pressure on the platform across Europe.
Hungary’s regulator, the Szabályozott Tevékenységek Felügyeleti Hatósága, has temporarily blocked access to Polymarket’s domain and subdomains, citing the “prohibited organization of gambling activities.” In an official notice issued Friday, the authority said the restriction will remain in effect while its review is ongoing.
Users in Hungary have reported being unable to reach the platform from local IP addresses, with access now replaced by a warning message from the national regulator.
In Portugal, the Gaming Regulation and Inspection Service (SRIJ) has also ordered Polymarket to wind down its activities, although the platform remained accessible to users on Monday, according to local outlet Rádio Renascença, indicating that enforcement may still be underway.
The move follows action taken by Ukraine, which blocked Polymarket last week after classifying the platform’s operations as unlicensed gambling under national law, Cointelegraph reported on Jan. 13.
Regulatory pressure has been building elsewhere as well. Polymarket has been restricted or blocked in multiple jurisdictions over gambling-related concerns, including France, Belgium, Poland, Singapore and Switzerland.
France’s National Gaming Authority said in November 2024 that it intended to block the platform for noncompliance with domestic gambling laws. Switzerland followed later that month, when the Swiss Gambling Supervisory Authority labeled Polymarket an unlicensed gambling service and ordered access restrictions.
Poland added Polymarket to its register of banned gambling websites on Jan. 8, 2025, with Singapore imposing blocks shortly afterward as part of a wider crackdown on unlicensed platforms. Belgium’s gambling regulator took similar action on Jan. 30, citing breaches of national gambling legislation.
According to Polymarket’s website, the platform is already geoblocked in 33 countries.
Polymarket enables users to trade contracts linked to real-world events, with prices determined by market participants rather than a traditional bookmaker. Supporters argue the model more closely resembles financial markets, though regulators in several jurisdictions have taken a different view.
Polymarket faces insider trading scrutiny
The Hungarian regulator’s move comes amid heightened scrutiny of Polymarket following a high-profile trade tied to political events in Venezuela, which raised concerns about potential insider trading.
On Jan. 3, a Polymarket account reportedly placed a $32 wager on a contract predicting the removal of President Nicolás Maduro just hours before US forces captured him, resulting in a profit of roughly $400,000.
In response, US lawmakers have proposed legislation aimed at limiting prediction market trading by government officials, further intensifying regulatory attention on the sector.
Despite the growing pressure, prediction market activity has surged. Trading volume hit a record $701.7 million on Jan. 12, with Polymarket rival Kalshi accounting for about two-thirds of that total.
Polymarket did not immediately respond to requests for comment regarding the latest regulatory developments.
