I've posted a
thread about Polymarket getting banned from a country before, and now I saw an
article saying that Argentina has banned them for being an illegal gambling platform.
A judge from Argentina said that "
the platform is an unregulated gambling operation, rather than a true prediction market". Also, the Argentinian court "
ruled that the structure of the platform had circumvented gambling regulations and violated laws protecting consumers".
The article also said that the case about Polymarket was hastened after a controversy tied to Argentina’s inflation data release in February. The gambling regulator in Argentina said that the "
activity on Polymarket shifted sharply just minutes before official figures were published by the National Institute of Statistics and Census". Basically, they suspect that the timing of the shift is suspicious and could be an indication that a Government data regarding the inflation data release in February might have been accessed and distributed, which could explain the sudden shift they saw minutes before the data was released to the public, which also made them view Polymarket as a potential case of insider trading.
Snippet from the article. If you want to read the full article, you can click the link I shared.
Local media reports that the National Communications Entity has directed Apple and Google to remove the app from their app stores.
This came after a legal case by the Buenos Aires City Lottery and the Argentine Chamber of Casinos against Polymarket, which claims it is operating as an illegal gambling platform.
The case alleged that Polymarket allows users to place bets using cryptocurrencies and cards without a licence in the country while lacking identity checks and age restrictions, which made it a threat to minors and presented financial risks.
Judge Susana Parada described the platform as an unregulated betting operation, rather than a true prediction market.
The court ruled that the structure of the platform had circumvented gambling regulations and violated laws protecting consumers.
Regulators cited the absence of oversight measures typically required of regulated platforms, including the need to comply with Know Your Customer requirements and prevent illegal money services.
The case gained urgency following a controversy tied to Argentina’s February inflation data release.
According to regulators, activity on Polymarket shifted sharply just minutes before official figures were published by the National Institute of Statistics and Census.
The platform adjusted to the correct 2.9% inflation rate roughly 15 minutes ahead of the announcement, prompting scrutiny from authorities.
Officials interpreted the timing as evidence that sensitive government data may have been accessed or disseminated prematurely.
Rather than reflecting predictive accuracy, regulators viewed the activity as a potential case of insider trading facilitated through a decentralised system.
The incident intensified concerns about the platform’s capacity to enable data arbitrage and undermine confidence in official economic reporting.
