Netherlands bans Polymarket for offering illegal gambling services

Dutch regulators have ordered Polymarket to cease operations for allegedly providing illegal gambling services, Decrypt reported. The Netherlands Gambling Authority (KSA) ordered Adventure One QSS Inc., the operator of Polymarket, to immediately halt its services, stating the company offered illegal gambling without a license. Failure to comply will result in a weekly fine of €420,000 (around $454,000). The regulator emphasized that prediction markets are considered illegal gambling under Dutch law.