Polymarket Eyes U.S. Return Despite Global Bans
Polymarket, a crypto-powered prediction market platform, is planning a return to the U.S. market despite recent setbacks. The company, which has faced bans in several countries, is set to re-enter the scene following a $112 million acquisition deal.
The Australian Communications and Media Authority (ACMA) recently ordered internet service providers to block access to Polymarket. This comes after a regulatory review found the platform targeting local users in violation of national gambling laws. Polymarket was offering unlicensed gambling services, which is illegal under the Interactive Gambling Act 2007. Despite geo-blocking measures, Australians could bypass the restrictions using VPNs to access the platform and place bets. The ban in Australia follows similar actions in France, Switzerland, and Belgium due to licensing issues. Notably, many accounts involved in Australia-related bets on Polymarket appeared to be from within the country. However, Polymarket has not yet responded publicly to the decision by ACMA to ban the platform.
Polymarket's planned return to the U.S. market, following its acquisition, remains uncertain given the recent international challenges. The company will need to address licensing and regulatory concerns to avoid further bans and ensure a smooth re-entry into the U.S. stock market.
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