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Polymarket: USA return planned – Romania imposes ban!
Polymarket plans to return to the US, but is banned in Romania due to lack of licensing. Gaming news in focus.
Polymarket: USA return planned – Romania imposes ban!
Polymarket, a betting information exchange platform, is preparing to return to the US market. At the same time, however, the company is faced with challenges in Europe. Romania’s National Office for Gambling (ONJN) has banned Polymarket from the market in the country for operating without a valid license. The decision, as ONJN President Vlad-Cristian Soare emphasizes, is based on legal, not technological, aspects.
The ONJN has clearly defined that gambling in any form, be it in the local currency Lei or in cryptocurrency, requires a license. In distinguishing between “trading” and “betting,” the authority concluded that Polymarket’s business model qualifies as counterparty betting. Such a difference is crucial to maintain the legal framework for both the gambling and financial markets.
Return to the USA
Despite the hurdles in Romania, Polymarket plans to return to the US with a licensed, sports-focused product designed to comply with American regulations. The platform aims to focus on high-volume sporting events, including the NFL and NBA, and a limited launch is expected in November.
The news of Polymarket’s impending return has already had an impact on the market. Shares of DraftKings and Flutter Entertainment fell by 5% and 3% respectively. This shows the interest and competition in the area of sports betting and trading platforms.
Regulatory steps and acquisition
A key move that will enable Polymarket to advance its plans is the acquisition of QCX, a Florida-based exchange licensed by the Commodity Futures Trading Commission (CFTC). This acquisition provides the company with a legal basis to offer event contracts. Additionally, Polymarket has received a no-action letter from the CFTC stating that no enforcement action is planned as long as compliance remains maintained.
These developments underline Polymarket’s strategy and willingness to assert itself in an increasingly regulated market. While the return to the USA offers positive prospects for the company, it remains to be seen how the situation in Europe will develop. ONJN's decision could potentially create further regulatory challenges for Polymarket in other countries.