Brazil Blocks Polymarket and Kalshi Over Betting Law Violations
Brazil's Finance Ministry blocked access to prediction market platforms Polymarket and Kalshi on Thursday. The Central Bank of Brazil issued a resolution prohibiting derivatives contracts based on sports events, virtual gaming, political outcomes, and other non-economic benchmarks.
Key Takeaway
Brazil's ban extends a global regulatory crackdown on prediction markets after Portugal and Wisconsin took similar actions.
Finance Minister Dario Durigan said prediction markets weren't legal or regulated in the country and violated betting regulations approved by the Brazilian Congress.
The Central Bank of Brazil issued a resolution prohibiting derivatives contracts based on sports events, virtual gaming, political outcomes, and other non-economic benchmarks. The bank cited risks to investor protections and market integrity as the rationale for the ban.
By Friday afternoon, both platforms confirmed they were inaccessible in Brazil, Reuters reported. Durigan said blocking the platforms would protect citizens' savings amid government efforts to reduce debt levels. Chief of Staff Miriam Belchior said the measure aims to protect income, prevent financial losses, and reduce families' exposure to unsafe practices.
Brazil isn't the first country to restrict prediction market access. Portugal blocked Polymarket in January 2026, and Wisconsin filed lawsuits against Kalshi, Robinhood, Coinbase, Polymarket, and Crypto.com on Friday, April 25, 2026.
This article was written based on reporting from Decrypt.
