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Indonesia bans the cryptocurrency prediction platform Polymarket

2026-05-23 08:18:04

Golden Finance reports that on May 23, Indonesian authorities announced the official shutdown of the crypto prediction platform Polymarket, citing Indonesia's strict ban on online and offline gambling. The Indonesian Ministry of Communication and Information Technology stated in a release that even if the platform is packaged as a "prediction market" utilizing blockchain technology or cryptocurrencies, providing a platform for betting money on specific outcomes or events still falls under online gambling. "Activities like Polymarket involve monetary betting and speculation on uncertain events, which violates Indonesia's current laws," said Alexander Sabar, Minister of Communication and Information Technology of Indonesia, in the statement.

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