Polymarket to Take Dutch Ban to Court over Gambling Label
Polymarket says its USDC-settled contracts are financial products, while Dutch regulators say the platform offered gambling without a licence and sought a €420,000 penalty.
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Cryptocurrency News | Cryptocurrency Prices | Market CapPolymarket to take Dutch ban to court over gambling label
Polymarket plans to challenge its Dutch ban in court, arguing its prediction contracts are financial products instead of gambling.
U.S. prediction site Polymarket to fight Dutch ban in court
Polymarket will challenge the Netherlands’ ban on the American prediction site in court, the company told Financieele Dagblad. The Dutch Gambling Authority (Ksa) ordered Polymarket to cease operations in February. But according to Polymarket, the prediction site is not gambling, but a financial product that should fall under the Dutch Authority for Financial Markets (AFM), not the Ksa.
The American prediction site Polymarket is taking legal action to challenge a ban in the Netherlands. Polymarket confirmed this to the FD. In February, the Dutch Gaming Authority (Ksa) ruled that Polymarket had to cease its activities in the Netherlands. The regulator ruled that Polymarket is a gambling site operating without the necessary license. Polymarket eventually complied with the Ksa and stopped, but too late. Consequently, a penalty of…
The American prediction site Polymarket is challenging the ban on operating in the Dutch market in court. In February, the Dutch Gaming Authority ruled that Polymarket had to cease its activities in the Netherlands, under penalty of a fine. According to the regulator, Polymarket offers a gambling site without the necessary license. The company has filed a case at the District Court in The Hague.
Polymarket intends to bring the dispute to court with the Dutch gambling authority, after a fine of 420,000 euros imposed by the regulator Ksa. The move was reported on October 5. It rekindles a confrontation that lasts for months: the contracts of the forward markets of the platform are bets or financial trading tools? Is this [...]
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