Polymarket Faces Global Ban, Including Portugal, After Presidential Election Results

Blockchain-based prediction markets like Polymarket continue to face intense regulatory pressure. Portugal is now the latest to join the list of countries shutting down such platform services, especially after the betting volume on the presidential election results reached a staggering figure.

The Serviço de Regulação e Inspeção de Jogos (SRIJ), Portugal’s gambling regulatory authority, issued an ultimatum to Polymarket. The platform was ordered to cease all operations in the country within 48 hours. This decision comes after a sharp surge in trading activity related to Portugal’s presidential election on January 18.

Presidential Election Betting in Portugal Reaches Record €103 Million

According to Rádio Renascença, bets placed on the outcome of Portugal’s presidential election exceeded €103 million, approximately $120 million USD. This figure demonstrates the high level of global user interest in Portugal’s political events through prediction platforms.

SRIJ stated that Polymarket operates without an official license in Portugal. Under Portuguese online gambling laws enacted since 2015, only bets on sports, casino games, and horse racing are legally permitted. Bets on political event outcomes, whether local or international, are explicitly prohibited under national regulations.

“This website is not authorized to offer betting services in Portugal as national law explicitly bans operations related to political events,” said an official statement from SRIJ.

Widespread Bans: Polymarket Blocked in Over 30 Countries

Portugal is just part of a larger narrative. Founded in 2020, Polymarket now faces operational restrictions in more than 30 countries worldwide. The list of countries that have shut down access includes Singapore, Russia, Belgium, Italy, and recently Ukraine also added Polymarket to their restriction list.

Various approaches are used by these countries to handle the platform. Some, like Belgium, have fully blacklisted Polymarket. Others, such as France, adopt a more moderate approach by restricting local users to “view-only” mode, preventing them from actively placing bets.

Although SRIJ has issued a shutdown order, Polymarket is still accessible in Portugal at the moment. However, regulators are likely to soon direct internet service providers (ISPs) to technically block access to the platform. Competitor prediction platforms like Kalshi, Myriad, and Limitless still appear accessible, indicating they may have complied with local regulations or operate under different legal statuses.

New Legal Framework Shapes the Future of Digital Assets

Alongside Polymarket’s crisis in Portugal, the global regulatory landscape continues to evolve with the development of new standards. The U.S. Securities and Exchange Commission (SEC) recently issued comprehensive guidance on tokenized assets. This directive clarifies that any security tokens remain subject to applicable securities and derivatives regulations, regardless of whether the assets are registered on a blockchain or not.

A crucial distinction is made between two categories: issuer-sponsored tokenized securities (which can represent actual equity ownership) and third-party products (which typically only provide synthetic exposure or custody rights). The SEC signals a clear intent to limit the distribution of synthetic equity products to retail investors while encouraging approved and fully registered tokenization structures.

This development reflects a global regulatory commitment to creating clearer legal frameworks for digital assets and blockchain-based trading instruments. The result is increasingly strict restrictions, but also pathways for well-regulated innovation in the future.

In this context, Polymarket’s shutdown in Portugal is not just about a single platform in one country but part of a broader transformation in how the world regulates prediction markets and digital assets overall.