Belgium joins growing list of countries banning Polymarket

Sankunni K February 5, 2025

SiGMA news

Belgium joins growing list of countries banning Polymarket

Belgium has become the latest country to block access to Polymarket, a cryptocurrency-based prediction platform, after the Belgian Gaming Commission (BGC) blacklisted the site for violating local gambling laws. The move follows similar bans in France, Singapore, and the United States, as regulators worldwide crack down on decentralised betting platforms that operate outside traditional regulatory frameworks.

Polymarket’s controversial rise

Polymarket, founded in 2020 by Shayne Coplan, gained global attention during the 2020 U.S. presidential elections, allowing users to bet on political outcomes using cryptocurrency. The platform, which operates on the Polygon blockchain, uses the USDC stablecoin for deposits and wagers. Its prediction markets cover a wide range of events, from election results to weather forecasts, attracting both crypto enthusiasts and critics.

However, the platform has faced allegations of market manipulation, particularly during the U.S. elections. Critics accused Polymarket of artificially inflating the odds of a Trump victory to influence public perception. While CEO Shayne Coplan has denied these claims, the controversy has drawn scrutiny from regulators worldwide.

Belgium’s regulatory action

The Belgian Gaming Commission issued its first warning to Polymarket in November 2024, citing violations of the Belgian Gambling Act, which requires operators to obtain a license to offer gambling services. When Polymarket failed to respond, a second warning was sent in December. With no compliance from the platform, the BGC blacklisted Polymarket on 30 January 2025, requesting Belgian internet providers to block access to the site.

“In November 2024, we issued a notice of default and contacted the website to comply with the Belgian Gambling Act,” the BGC stated. “Since no response was received, we were left with no choice but to blacklist the platform.”

Global bans and investigations

Belgium is not alone in its crackdown on Polymarket. The platform has faced bans and investigations in several countries:

United States: In 2022, Polymarket blocked U.S.-based users following a settlement with the Commodity Futures Trading Commission (CFTC) over unregulated betting activities. The CFTC continues to scrutinise prediction markets, including Polymarket and its competitors like Kalshi.

France: In November 2022, France’s Autorité Nationale des Jeux (ANJ) launched an investigation into Polymarket after a French national won a large bet on Trump’s election victory. The platform subsequently exited the French market.

Singapore: Singapore recently blocked access to Polymarket, stating that only operators licensed by the Gambling Regulatory Authority (GRA) are permitted to offer betting services in the country.

Thailand: Days after Singapore blacklisted the cryptocurrency-based betting platform, Thailand’s Cyber Crime Investigation Bureau proposed banning Polymarket, citing illegal online gambling activities prohibited under the country’s laws.

Decentralised betting under fire

Polymarket’s decentralised model has been both a selling point and a source of controversy. While supporters praise its accessibility and transparency, critics argue that the platform is vulnerable to manipulation and lacks adequate consumer protections. Reports of wash trading—where traders artificially inflate activity by repeatedly buying and selling assets—have further fuelled scepticism.

What’s next for Polymarket?

With a new pro-crypto administration in the U.S. under President Donald Trump, some speculate that the regulatory landscape for platforms like Polymarket could shift. However, for now, the platform remains under intense scrutiny.

As more countries move to ban or restrict Polymarket, the future of decentralised prediction markets remains uncertain. For regulators, the challenge lies in balancing innovation with consumer protection in an increasingly digital and decentralised world.