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Japanese Bitbank threatens account restrictions over Polymarket
Cryptocurrency exchange Bitbank has warned users that accounts interacting with prediction market platforms, including Polymarket, could face restrictions. The company cited potential risks related to Japan's gambling laws.
The move reflects growing uncertainty surrounding the legal status of prediction markets in Japan. Industry participants fear that transactions involving such platforms could be classified as gambling-related activity.
Tightening oversight
In a public notice, Bitbank said it may impose restrictions on users whose deposits or withdrawals are linked to prediction market platforms.If an account is restricted, users may lose access to login functions, trading services, and deposit and withdrawal features.
The exchange also stated that it would not be responsible for any losses resulting from such measures. According to the company, certain types of prediction markets could be considered gambling under Japanese law.
Bitbank did not clarify whether the warning was issued in response to regulatory actions or direct instructions from authorities.
However, the exchange noted that platforms allowing users to profit from predicting the outcomes of elections, sporting events, or other future developments could potentially fall under gambling regulations.
Users were advised to exercise caution when interacting with third-party platforms and to avoid activities that could result in legal consequences.
As of publication, the company had not disclosed additional details regarding the criteria it would use to identify such transactions.
Polymarket explores the Japanese market
Bitbank's warning comes as regulators around the world continue to scrutinize prediction markets. Authorities in multiple jurisdictions are examining platforms such as Polymarket and Kalshi over potential conflicts with gambling laws.Although Japan currently remains on Polymarket's restricted countries list, company representatives said in May that they were exploring the possibility of entering the local market.
Japanese authorities have not yet issued formal guidance on the legal status of prediction markets. Against this backdrop, Bitbank's actions may signal a more cautious approach toward such services among crypto industry participants.
At the same time, Japan continues to review its broader approach to digital asset regulation. Recently, the country's parliament advanced legislation that would bring major cryptocurrencies, including Bitcoin, Ethereum, and XRP, closer to a securities-style regulatory framework.
If adopted, the reform would allow digital assets to be treated not only as payment instruments but also as investment products similar to stocks and bonds. The changes are expected to strengthen market oversight and improve investor protection.
Earlier, the U.S. Commodity Futures Trading Commission (CFTC) proposed updating regulations governing prediction markets.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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