Hungary and Portugal have moved to restrict access to the crypto-based prediction market Polymarket, increasing regulatory pressure across Europe.
Hungary’s Szabályozott Tevékenységek Felügyeleti Hatósága temporarily blocked Polymarket’s domain, citing the forbidden organisation of gambling activities.
The Hungarian regulator said the restriction will remain until its review of the platform is completed.
Users in Hungary reported being unable to access the site, with regulator-issued warning messages appearing instead.
In Portugal, the Gaming Regulation and Inspection Service ordered Polymarket to wind down operations, although access remained available as enforcement progressed.
Portuguese regulators reportedly said Polymarket lacked the required licence and operates in a country where political betting is banned.
Around €4 million in wagers on Portugal’s presidential race were reportedly placed shortly before results were announced, raising insider trading concerns.
The actions follow Ukraine’s decision last week to block Polymarket as unlicensed gambling under national law.
Polymarket has also been restricted in countries including France, Belgium, Poland, Singapore and Switzerland over gambling law violations.
Scrutiny has intensified after a profitable wager linked to the removal of Venezuela’s president by US forces raised insider trading questions.
Despite regulatory pressure, prediction market trading volume hit a record $701.7 million on Jan. 12, with rival platform Kalshi taking the majority share.
Polymarket did not respond to requests for comment on the latest regulatory actions.