👀 Argentina🇦🇷 blocks Polymarket for operating without an iGaming license, following similar action in Colombia🇨🇴

👀 Argentina🇦🇷 blocks Polymarket for operating without an iGaming license, following similar action in Colombia🇨🇴
Yesterday, we reported on a similar situation in Brazil🇧🇷 (although no blocking measures have been implemented there yet). The latest developments suggest this is increasingly becoming a broader regional trend.

➡️ The ruling not only orders the blocking of the URL, but also instructs the National Communications Agency (ENACOM) to require internet service providers to restrict all forms of access. In addition, Google and Apple have been ordered to remove the application from their app stores.

✅ It is worth noting that Polymarket is a decentralized prediction market platform, allowing users to place bets on the outcomes of various events.

➡️ The measure stems from an investigation conducted by the Gambling Prosecutor’s Office (FJA), triggered by speculation surrounding inflation data that the National Institute of Statistics (INDEC) was due to publish on March 12. Prior to the official release, trading volume reached USD 91,000 within minutes, raising concerns about potential use of insider information.

➡️ Key issues identified:

⚠️ Lack of user verification, as the platform does not require identity or age checks.

⚠️ Limited financial transparency, given that transactions can be conducted using cryptocurrencies.

⚠️ Absence of a license, among other regulatory shortcomings.

➡️ The decision was also supported by the Argentine Chamber of Casinos, Bingo Halls and Related Entities (CASCBA), which provided evidence of insufficient control mechanisms on the platform.

#news #Argentina #Colombia #crypto #betting

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