Ukraine Officially Bans Prediction Market Platform Polymarket

BlockBeats News, January 12th, according to Forbes report, the Ukrainian authorities have restricted access to the prediction platform Polymarket website. The National Commission for State Regulation of Communications and Informatization (НКЕК) has made a blocking decision based on Resolution No. 695.

The reason for the block is that the platform does not hold the operating license recognized by the regulatory authority as gambling. Polymarket's domain name has been included in the publicly available list of prohibited Internet resources. According to the document, electronic communications service providers must restrict access to online resources used for organizing, conducting, or providing unlicensed gambling activities.

It is reported that the implementation of this block is not uniform, as some Ukrainian users are unable to access the website, while others say they can still open it without restrictions.

As of December 24th, about 240 Ukraine-related bets have been completed on the platform, with a total amount of over $270 million. There are also 120 active bets with amounts exceeding $140 million.