Bitbank Warns Users: Polymarket Transfers Risk Account Bans
Japanese exchange Bitbank is cracking down on Polymarket-linked transfers, citing the country's strict gambling laws as justification.
If you're using Bitbank to fund your Polymarket plays, you've got a problem. Japan's major crypto exchange is now warning users that accounts tied to Polymarket transactions could face suspension — and they're not bluffing.
Bitbank's move is rooted in Japan's gambling laws, which are among the strictest in the developed world. Prediction markets like Polymarket operate in a legal gray zone in many countries, but Japan isn't treating it as gray. The exchange is drawing a hard line, putting the compliance burden squarely on users.
Read more UK Bans Social Media for Under-16s Amid Enforcement Doubts →
This is a big deal for Japanese crypto traders who rely on Bitbank as a primary on-ramp. Getting your account frozen isn't just inconvenient — it cuts off access to your funds and could trigger further scrutiny. The risk-reward calculus on routing Polymarket money through Bitbank just shifted dramatically.
The broader takeaway here is regulatory pressure on prediction markets is real and accelerating. What starts with a warning from one exchange can quickly become an industry-wide policy. If you're active on Polymarket from Japan, it's time to reassess your payment rails before the hammer drops on your account.
Continue reading at Cointelegraph
