According to Bitbank’s announcement on their website, they stated that any account suspected of transacting with a Polymarket prediction market platform will have limited options available when it comes to accessing their account.
Transactions at the prediction markets involve users placing bets on the outcome of future events, including elections, sporting events, and economic events.
The exchange said affected users could lose access to services including cryptocurrency deposits and withdrawals, trading functions, and account logins. Bitbank also stated it would not be liable for any losses resulting from such restrictions.
No formal enforcement action has been announced by Bitbank; however, it was mentioned that wagering on a prediction market using monetary value related to future outcomes raises potential legal risk in Japan for both the prediction market and its users.
Currently, Polymarket prohibit users from Japan from gaining access. However, reports suggest the company is exploring long-term expansion opportunities in the market. According to Bloomberg, Polymarket has appointed Mike Eidlin, head of Japan at Jupiter, to lead its efforts in the country, with ambitions of securing regulatory approval by 2030.
