Polymarket sues Dutch gambling regulator, demanding lifting of forecast market ban

Polymarket has filed a lawsuit with the Dutch court, requesting the revocation of the ban imposed by the Dutch gambling regulatory agency on its prediction market. Polymarket stated that the event contract belongs to derivatives and should be regulated by the Dutch Financial Market Authority (AFM), not the Dutch Gaming Authority (KSA). KSA requires Polymarket to cease providing services to Dutch users within 4 weeks, otherwise a weekly fine of 420000 euros will be imposed, with a maximum of 840000 euros. KSA stated that inspectors registered accounts through Dutch IP addresses, recharged 10 euros with Dutch bank accounts, and bought a $1 "yes" share in the "next Dutch Prime Minister" market. Polymarket implemented IP blocking on February 18th, but KSA determined that the measure was one day later than the deadline and decided to pursue a fine of 420000 euros. KSA rejected Polymarket's objection on June 23 and pointed out that Dutch law prohibits gambling on non sports events, and licensed institutions are also not allowed to accept cryptocurrency payments. (Source: Bitcoin.com News)