Bitbank warns users on prediction market platform risks

Bitbank warned users that accounts linked to prediction markets like Polymarket may be suspended due to Japanese gambling laws, blocking trading and withdrawals.

Japanese crypto exchange Bitbank has issued a warning to its users about transactions involving prediction market platforms such as Polymarket. The exchange announced that accounts found transferring funds to or from these platforms risk suspension, which could block access to trading, deposits, withdrawals, and account logins. Bitbank explained that prediction markets allow users to speculate on future events, including elections and sports, often using cryptocurrencies. While many of these platforms operate overseas, Bitbank stressed that using them from Japan for profit may be considered gambling under Japanese law. This notice highlights increased regulatory scrutiny in Japan and globally. Bitbank urged customers to avoid transactions with such platforms to prevent possible account restrictions, signaling stricter compliance in Japan’s crypto sector regarding prediction market activities.