Bitbank warns: accounts will be blocked for transactions with Polymarket and other prediction markets
Japanese crypto exchange Bitbank has announced strict measures against users whose transactions are linked to platforms for betting on event outcomes, particularly Polymarket. This involves the risk of full account suspension, including blocking access to funds and trading. The company cites internal compliance procedures and the need to comply with local gambling legislation.
In an official notice dated June 15, Bitbank does not reference specific directives from the Japanese regulator. However, the platform made it clear: any deposit or withdrawal of funds from services like Polymarket will be considered a violation. "If a deposit or withdrawal of funds from prediction market services is confirmed, we may take measures to suspend the account," the company stated.
What exactly is blocked and what are the risks
After a block, the user loses the ability to log into their account, withdraw crypto assets and Japanese yen, and access trading. Notably, Bitbank categorically disclaims any responsibility for any financial losses clients may incur as a result of such measures. "Even if the client suffers damage, the company bears no responsibility," the statement emphasizes.
Bitbank cites Polymarket as an example, along with other similar services that allow trading on the outcomes of elections, sports matches, and other events. Although Polymarket officially restricts access to its interface for users from Japan, this restriction applies only to the website, not the API. The exchange warns that any attempts to bypass these restrictions carry consequences.
Global context: Japan is not alone in fighting Polymarket
Bitbank's warning is part of a global trend toward tightening control over decentralized prediction markets. Earlier, in early 2026, the Portuguese regulator demanded that Polymarket cease operations in the country after the volume of bets on the presidential election exceeded €103 million. In the spring, Spain and Indonesia joined the blockades, citing a lack of gambling licenses.
My analysis: Bitbank's actions are not just a local incident but a signal that traditional financial institutions are beginning to view prediction markets as a direct threat to their compliance. Japan, with its strict gambling regulations, is becoming a testing ground for combating this DeFi segment. Polymarket, in turn, is trying to legalize itself, but the path to regulatory approval, as the example with Japan shows, will be long and arduous. Investors should consider that geo-blockades are just the tip of the iceberg, and the risk of wallet blocks on centralized exchanges will only increase.