Brazil's Finance Ministry has blocked access to prediction market platforms like Polymarket and Kalshi, citing concerns over investor protection and gambling addiction. The ban aims to enforce existing betting regulations and protect citizens' savings.
The Brazilian Finance Ministry announced the ban on Thursday, stating that the platforms violated betting regulations approved by Congress. Finance Minister Dario Durigan emphasized that prediction markets are neither legal nor regulated in Brazil. He noted that the government's efforts to reduce debt levels necessitate such measures to curb the social harm caused by unregulated gambling.