Argentina has taken action against the crypto-based prediction platform Polymarket, ordering the service to be blocked nationwide after authorities concluded it may be operating as an unlicensed gambling platform.
The decision places Argentina among a growing list of countries cracking down on prediction markets such as Polymarket and Kalshi. In Latin America, Colombia previously moved to restrict the platform, and Argentina has now followed with similar measures.
Authorities Target Polymarket Access
Regulators in Argentina raised concerns that Polymarket allowed users to place wagers without proper authorization, with reports suggesting that even minors could access the platform.
Scrutiny intensified after a prediction market on Polymarket estimated Argentina’s February inflation rate at 2.9% before the official figures were released. According to reports, the forecast was adjusted shortly before the data became public, drawing attention from regulators.
Following the incident, a Buenos Aires court instructed the country’s telecom regulator, ENACOM, to coordinate with internet providers to block access to the site. Tech companies including Apple and Google were also asked to remove the app from their stores in Argentina.
Authorities ultimately concluded the platform functioned similarly to an online betting system, prompting stricter enforcement measures.
Growing Global Pressure on Prediction Markets
Argentina’s move reflects a broader trend of regulators examining prediction market platforms more closely. These services, which allow users to bet on the outcomes of real-world events, are facing increasing legal scrutiny in multiple jurisdictions.
In Latin America, Colombia had already taken similar action last year. At the time, regulator Marco Emilio Hincapié warned the public about the platform’s legal status.
“We want to inform Colombians that this website is illegal and does not have the necessary permits to operate online gaming in Colombia. Therefore, we have requested that the site be blocked and have opened an investigation into those responsible for this illegal activity.”
Beyond the region, platforms like Polymarket and Kalshi are also encountering legal challenges in the United States, where regulators have questioned whether these services operate outside existing gambling regulations.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
