Hungary and Portugal have enacted new restrictions on access to the crypto prediction market Polymarket, intensifying regulatory scrutiny on the platform throughout Europe.

Hungary’s regulatory body, Szabályozott Tevékenységek Felügyeleti Hatósága, has suspended access to Polymarket’s domain, stating it involves “forbidden organization of gambling activities.” This measure will remain until a thorough review is completed.

Users noted trouble accessing the platform from Hungary, which now shows a warning from regulators.

In Portugal, the Gaming Regulation and Inspection Service (SRIJ) has also mandated the cessation of Polymarket’s operations, although local users could still access the platform as of Monday. The regulator argues that Polymarket operates illegally due to lacking necessary licensing and engaging in political betting, which is prohibited nationally.

This latest crackdown follows a decision from Ukraine to block Polymarket on the grounds of unlicensed gambling, preceded by actions from several other countries including France and Belgium.

Polymarket faces challenges including allegations of insider trading related to political outcomes, such as a profitable wager on the removal of Venezuela’s president just before the event occurred.

As the landscape evolves, the prediction market trading volume reached a record $701.7 million recently, highlighting continued interest despite regulatory hurdles.