Bitbank Threatens to Block Transactions Related to Polymarket - ForkLog

# Bitbank Threatened with Blocks Over Transactions Related to Polymarket

Japanese cryptocurrency exchange Bitbank warned clients about the risk of account suspension due to transfers associated with Polymarket and other prediction market services. The company stated that using such platforms for financial gain could fall under local gambling legislation.

In the June 15 warning, Bitbank did not refer to a specific regulatory order. The company explained the measures as part of internal compliance controls and the need to adhere to laws and guidelines.

What Could Lead to Blocking

According to Bitbank, prediction markets allow users to trade on the outcomes of future events, including elections and sports results. Such services may operate outside Japan, but access from within the country for financial gain poses legal risks.

As an example, the exchange named Polymarket and other similar services with betting elements.

"If deposits or withdrawals are confirmed from prediction market services or services suspected of such connections, we may take measures to suspend the account," — the warning states.

The exchange urged clients to be cautious when using external services to avoid becoming involved in illegal activities or disputes.

What Will Be Disabled Upon Blocking

After account suspension, users will no longer have access to:

• logging into their account;
• depositing and withdrawing crypto assets;
• withdrawing Japanese yen;
• trading crypto assets.

Bitbank also explicitly stated that it will not be responsible for any client losses resulting from such measures.

"Even if account suspension results in damages to the client, the company bears no responsibility," — Bitbank stated.

How This Is Related to Polymarket

Polymarket’s documentation indicates Japan as a jurisdiction with limited access to the platform’s user interface. The restriction applies to the website but not to the application's API. The service also noted that geographic restrictions are related to sanctions compliance, local financial regulation, prediction markets and gambling laws, anti-money laundering requirements, and customer identification.

According to Bloomberg, in May, Polymarket was exploring entry into the Japanese market and expected to obtain government approval by 2030. The agency noted that strict local online betting regulations could complicate such plans.

Where Polymarket Has Been Blocked

Bitbank’s warning came amid increased regulation of prediction markets in various jurisdictions. In early 2026, the Portuguese regulator required Polymarket to cease operations in the country after betting volumes on the Portuguese presidential election exceeded €103 million.

In the spring, Spain temporarily blocked the prediction platform due to the lack of a gambling license. At the same time, Indonesia took similar measures against Polymarket.

Recall that in May, the platform’s Vice President of Software Development, Josh Stevens, denied rumors of mandatory verification for all users.