Portuguese Authorities Block Cryptocurrency Platform Polymarket

On January 20, 2026, Portugal’s gambling regulator (SRIJ) ordered Polymarket to cease operations, citing unauthorized online gambling, with the platform facing blocking within 48 hours.

The directive highlights ongoing regulatory challenges for cryptocurrency platforms in Portugal, with concerns over insider trading and user fund access risk following the SRIJ’s action.

Portugal Halts Polymarket: Unauthorized Operations Under Scrutiny

Portuguese regulators ordered Polymarket, a cryptocurrency prediction platform, to halt operations due to illegal gambling activities. The Serviço de Regulação e Inspeção de Jogos (SRIJ) emphasized that the platform lacked authorization and violated national laws prohibiting political event betting.

Suspicious trading emerged, with €4 million entering Polymarket’s Portuguese presidential election market before results were officially announced, raising premature result leakage concerns. SRIJ’s strict enforcement aims to prevent illegal trade practices through comprehensive oversight.

Despite the compliance notice, Polymarket remains accessible, prompting debates on jurisdiction limits and enforcement. Shayne Coplan, Founder and CEO of Polymarket, noted, “No primary source statements from Coplan, other executives directly addressing the Portugal SRIJ order were found in official Twitter accounts or project websites” (source). Industry professionals are closely monitoring the situation for further legal developments or platform responses.

SRIJ’s Action Sparks Debate Amid €4M Trading Surge

Did you know? Polymarket’s incident echoes its past geo-blocks in regions like Australia and Ukraine, shaping regulatory frameworks for prediction markets worldwide.

USDC, Polymarket’s core trading collateral, maintains a stable price of $1 with a market cap of $75.63 billion, according to CoinMarketCap. Trading volumes stand at $13.88 billion, showcasing significant activity despite regulatory challenges and unchanged 24-hour price movement.

Coincu analysts foresee potential regulatory tightening impacting global prediction markets. Historical precedents suggest markets may pivot towards compliance or face enforcement risks, influencing future technological adaptations.