Portugal Orders Block on Polymarket Due to Suspicious Betting Activity on Presidential Election

BlockBeats News, January 20th, according to local media reports, the Portuguese gambling regulatory and inspection authority (SRIJ) has ordered the blocking of the cryptocurrency prediction market Polymarket, deemed its operation within Portugal as illegal, and requested the platform to cease services within 48 hours, otherwise, the blocking will be implemented by the internet service providers.

The regulatory agency stated that Polymarket has not obtained any authorization to provide online gambling services in Portugal, and Portuguese law explicitly prohibits betting on domestic or international political events. Despite receiving a rectification notice, the platform is still accessible in Portugal.

During the 2026 Portuguese presidential election, abnormal trading activity was observed on Polymarket. Hours before the official results were announced, the betting amount surged, with over 4 million euros flowing into the related markets even before the results were disclosed, triggering widespread suspicions of premature leakage of the exit poll results and "insider trading."

Data shows that the total trading volume on the Portuguese presidential election main prediction market has exceeded 120 million dollars. The regulatory agency pointed out that it only has regulatory authority over licensed platforms and cannot guarantee that Portuguese users will be able to withdraw their funds once the platform is blocked.