Polymarket’s Portuguese Holiday Cut Short: 48 Hours to Pack Your Crypto Bags!

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Well, butter my biscuit and call me surprised! Portugal’s gambling regulator has decided that Polymarket’s little crypto soiree has overstayed its welcome. With a stern finger wag and a 48-hour deadline, they’ve ordered the platform to shut up shop faster than a wizard losing his hat in a storm. Apparently, millions were flowing into election bets like a river of gold, but the authorities weren’t having any of it, citing illegal shenanigans and concerns for user safety. Because, you know, nothing says “safe” like betting on politicians.

Portugal Gives Polymarket the Boot

The SRIJ, Portugal’s gaming regulator (or as I like to call them, the Fun Police), has told Polymarket to cease and desist within 48 hours. If they don’t comply, internet providers might just pull the plug nationwide. Imagine that-a whole country saying, “No more crypto bets for you!” It’s like being sent to bed without supper, but with more blockchain.

The regulator pointed out that Polymarket is operating without the proper paperwork, which is a bit like trying to open a pub without a license. And let’s not forget the cherry on top: political betting is strictly banned in Portugal, whether you’re using real money or magical internet coins. So much for predicting the future, eh?

Just in: Portugal’s gambling authority SRIJ has directed that @Polymarket be shut down and blocked nationwide, ruling the platform illegal due to missing approval and a ban on political betting.#CoinPedia #CryptoNews #Blockchain #CryptoMarket

– Coinpedia (@CoinpediaNews) January 20, 2026

Authorities claim they only just noticed Polymarket, which is a bit like saying you didn’t see the elephant in the room until it started tap-dancing. They’ve labeled its activities illegal, and local users might find their funds trapped like a troll under a bridge once the platform is blocked. So, if you’ve got crypto stashed there, you might want to send up a flare.

A $120 Million Bet That Caught the Eye

Portuguese regulators finally took notice when Radio Renascenca reported that bets on the January 18 election hit €103 million ($120 million). On Polymarket, users were throwing crypto around like confetti, with Socialist candidate António José Seguro leading the predictions. But as the election headed to a runoff against far-right candidate Andre Ventura, the betting frenzy only intensified. Turns out, Portugal doesn’t like its elections turned into a casino, citing concerns about influencing voters and protecting election integrity. Who knew?

Polymarket’s Global Game of Whack-a-Mole

Polymarket, the decentralized prediction market where you can bet on anything from elections to whether it’ll rain on Tuesday, is no stranger to trouble. While it claims to reflect public sentiment, regulators worldwide see it as unlicensed gambling. Portugal’s crackdown is just the latest chapter in a saga that’s seen the platform restricted or blocked in over 30 countries, including the United States. It’s like a game of whack-a-mole, but with more lawyers.

Despite the shutdown order, some users are already firing up their VPNs to keep the party going. But regulators are tightening the screws, making long-term access about as certain as a stablecoin staying stable. So, if you’re betting on Polymarket’s future, you might want to hedge your bets.

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2026-01-20 17:21