Romania’s National Office for Gambling (ONJN) has officially blacklisted Polymarket, one of the world’s leading blockchain-based prediction markets, after determining that it operates as an unlicensed gambling platform outside the scope of state regulation.
The decision follows what authorities described as a sharp rise in crypto-based betting during Romania’s presidential and local elections, where Polymarket’s trading volume reportedly exceeded $600 million, according to a statement from ONJN.
ONJN: “This Is About the Law, Not Technology”
The Romanian regulator classified Polymarket’s operations as “counterpart betting” — a system where users wager against each other on the outcomes of future events. Such activity, the ONJN said, falls squarely under national gambling laws, regardless of whether transactions are made in Romanian lei or cryptocurrency.
ONJN President Vlad-Cristian Soare emphasized that the ruling targets the platform’s legal status, not its underlying technology.
“This is not about technology, but about the law,” Soare stated. “Whether bets are made in lei or crypto, they still qualify as gambling and must be licensed.”
Regulatory Violations Cited
Authorities identified several breaches, including:
- Lack of fiscal reporting and taxation compliance
- Absence of player protection and responsible gambling mechanisms
- Missing Anti-Money Laundering (AML) safeguards
While Polymarket describes itself as an “event trading” platform, ONJN said its structure — with users betting on uncertain outcomes and the platform taking a commission — meets the full legal definition of gambling. As a result, Romanian internet providers are now required to block access to the website.
Global Scrutiny Builds on Polymarket
Romania’s action follows similar enforcement steps taken in Belgium, France, Poland, Singapore, and Thailand. In 2022, the U.S. Commodity Futures Trading Commission (CFTC) fined Polymarket for operating unregistered derivatives markets, forcing it to block American users.
Despite ongoing regulatory pressure, Polymarket continues to grow. The platform recently secured a $2 billion investment from Intercontinental Exchange (ICE) — the parent company of the New York Stock Exchange — signaling institutional confidence in its long-term potential.
Polymarket Eyes U.S. Return
According to Bloomberg, Polymarket is preparing to resume trading in the United States within weeks, starting with sports-related prediction markets. The move comes after the CFTC issued a no-action letter to a crypto derivatives exchange acquired by Polymarket, effectively clearing the path for a limited U.S. relaunch expected before the end of November.
The Romanian ban underscores the growing regulatory clash between decentralized finance platforms and national gambling laws, as governments worldwide race to define how crypto-based prediction markets fit into existing legal frameworks.