The Netherlands Declares Polymarket Illegal and Orders It to Cease Operations

BlockBeats News, February 20th, the Dutch gambling regulator has determined that Polymarket was offering gambling services to Dutch users without a local license, violating the "Gambling Act," and has demanded it to cease its operations. The regulator stated that Dutch users could register on the platform, deposit, and place bets, constituting "games of chance" that require a licensed operation. If not compliant, Polymarket could face weekly fines of up to €420,000, with a maximum of €840,000. Polymarket argued that it is a prediction market rather than traditional gambling, but the regulatory authority rejected this claim. (Decrypt)