Argentina Bans Crypto Prediction Platform Polymarket for Illegal Gambling, Follows Colombia

Argentina has officially become the latest country to ban Polymarket, a renowned prediction market platform. The country has issued a nationwide ban on Polymarket, citing concerns over the platform’s alleged illegal gambling practices.

With this move, Argentina has joined a growing number of countrie, which prohibit prediction market platforms like Polymarket and Kalshi. Colombia is the first Latin American country to block the platform and Argentina follows as the second.

Argentina Blocks Polymarket Over Illegal Gambling Concerns

Recent reports reveal the growing scrutiny over prediction market platforms like Polymarket. In the latest development, Argentina bans Polymarket, alleging that it offered unlicensed betting services, even to minors.

The decision to block Polymarket came after the platform apparently projected Argentina’s February inflation rate of 2.9% before it was officially announced. Reports say that the platform immediately changed its prediction just 15 minutes before the data was released. This raised suspicion among authorities. 

After this incident, a court in Buenos Aires asked the telecom regulator ENACOM to work with internet service providers to block access to Polymarket. The authority has also asked Google and Apple to remove the platform apps, blocking access to Argentine users.

Thus, the investigation concluded that the platform operated as an online betting system disguised as a prediction market. The regulators imposed severe enforcement measures after they discovered these violations.

Recently, Polymarket closed down its prediction market, which enabled users to wager on nuclear weapon detonation probabilities. The platform removed the market because it received major backlash during the US-Iran conflict escalation period.

Global Pressure Mounts on Prediction Markets

Argentina’s crackdown on Polymarket marks just a chapter in the growing global scrutiny over prediction market platforms. Platforms like Polymarket and Kalshi are facing increasing regulatory issues all over the world.

In Latin America, Argentina is the second country to ban the platform, following Colombia. Citing similar concerns, the country shut down Polymarket last year. In October 2025, regulator Coljuegos president Marco Emilio Hincapié stated,

“We want to inform Colombians that this website is illegal and does not have the necessary permits to operate online gaming in Colombia. Therefore, we have requested that the site be blocked and have opened an investigation into those responsible for this illegal activity.”

The platforms are also facing challenges across the US. State regulators have been warning them against alleged unregulated betting services. As CoinGape reported, Kalshi faced a lawsuit in Oregon for operating an “illegal online gambling enterprise” in February 2026.

In another major incident, a lawsuit has been filed against Kalshi after traders said they were not paid for bets on whether Ali Khamenei would step down. Users claim the platform paused a $54 million market and withheld payouts during the Iran war.