Bucharest / New York — Blockchain-based prediction platform Polymarket is facing mixed fortunes on opposite sides of the Atlantic — preparing a regulated comeback in the U.S., while being banned by Romanian authorities for unlicensed gambling activity.
Romania’s National Office for Gambling (ONJN) confirmed that it has blacklisted Polymarket’s website, effectively barring the service from operating in the country. The regulator said the New York-based platform, led by Shayne Coplan, had been carrying out gambling activities without a valid Romanian license.
“The decision to include Polymarket on the blacklist is not related to technology, but to the law,” said ONJN President Vlad-Cristian Soare. “Regardless of whether you bet in lei or crypto, if you bet money on a future result, we are talking about gambling that must be licensed.”
Romania Draws Line Between ‘Trading’ and ‘Betting’
The ONJN said Polymarket’s core model — allowing users to wager on the outcomes of future events — amounts to counterparty betting, not financial trading.
“Accepting the idea that a ‘counterparty betting’ system can be called ‘trading’ would create a dangerous precedent,” the agency said in a statement. “It could enable operators to bypass both gambling and financial market regulations — especially during sensitive events such as national elections.”
Soare added that the ONJN “will not allow the transformation of blockchain into a screen for illegal betting.”
U.S. Comeback Targets Sports Betting
While being blacklisted in Romania, Polymarket is preparing a high-profile return to the United States, focusing on sports prediction markets designed to comply with U.S. gambling rules. The company plans to roll out its product in November, prioritizing major sports such as the NFL, NBA, and other high-volume leagues.
The relaunch follows Polymarket’s acquisition of QCX, a Florida-based exchange that holds a Commodity Futures Trading Commission (CFTC) license — giving Polymarket a regulatory pathway to operate legally in the U.S.
Additionally, the platform has reportedly secured a no-action letter from the CFTC, meaning the agency will not pursue enforcement as long as Polymarket adheres to its compliance framework.
Market Reaction
The prospect of Polymarket’s regulated re-entry has sent ripples across the sports betting industry. Shares of DraftKings and Flutter Entertainment dropped 5% and 3%, respectively, following reports of Polymarket’s upcoming launch.
A Global Regulatory Patchwork
Polymarket’s contrasting experiences in Romania and the U.S. underscore the fragmented global approach to regulating blockchain-based betting and prediction markets. While U.S. regulators are exploring controlled pathways for compliance, European authorities — like those in Romania — are tightening restrictions on unlicensed crypto-based gambling.
Whether Polymarket’s U.S. comeback will mark a new era of legitimacy or invite fresh regulatory scrutiny remains to be seen.
