Romania’s National Office for Gambling (ONJN) has officially blacklisted Polymarket, one of the world’s largest blockchain-based prediction markets, accusing it of operating as an unlicensed gambling platform during the country’s recent presidential and municipal elections.
Authorities reported that during the elections, crypto-based wagering on Polymarket surged past $600 million, raising red flags about the platform’s compliance with national gambling laws. Despite its blockchain foundation, regulators ruled that Polymarket’s operations squarely fall under Romania’s gambling framework.
Far-Reaching Implications
Romania’s crackdown adds to a growing list of international actions against Polymarket. The United States, France, Belgium, Poland, Singapore, and Thailand have all restricted or fined the platform for operating without proper authorization.
In 2022, the U.S. the Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for running unregistered derivatives markets and required it to block American users. Regulators across these regions share a common concern. That is, decentralized prediction markets blur the line between financial trading and gambling, often without sufficient oversight.
Despite these challenges, Polymarket has continued to expand its global footprint and investor appeal. The Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, invested $2 billion in Polymarket in mid-2025, which was a strong sign of the growing interest in blockchain-powered betting platforms even amid legal uncertainty.
What Now?
Well, regulators argue that decentralized markets like Polymarket, which allow users to speculate on real-world outcomes using crypto, blur the line between trading and gambling. Authorities warn that unlicensed “counterparty betting” platforms can facilitate money laundering, evade taxation, and lack consumer safeguards that protect players in traditional betting systems.
ONJN officials stressed that technological innovation does not exempt operators from national law. The agency fears that without oversight, blockchain-based prediction markets could disguise gambling as financial speculation, undermining decades of established gaming regulation.
Meanwhile, Polymarket continues to position itself as an “information market” rather than a gambling operator, aiming to re-enter the U.S. market under a regulated framework by late 2025. Still, it could extend beyond that.
As more countries draw lines between crypto trading and online gambling, Polymarket’s fate could shape the future of decentralized prediction markets. If the platform succeeds in achieving regulatory legitimacy, it might pave the way for a new era of compliant blockchain betting. Further growth of these decentralized prediction markets will depend on whether these platforms can bridge the gap between innovation and compliance. This is a balance that will define the next phase of crypto wagering worldwide.
