Bitbank Threatens Account Closures Over Polymarket Activity

Bitbank’s notice clarifies that the exchange views participation in prediction markets—where users bet on election results or sporting outcomes—as a potential violation of Japanese criminal statutes. By restricting access to these services, the exchange aims to insulate itself from regulatory fallout as oversight intensifies across Asia and the United States.

Affected users will lose access to all account functions, including yen withdrawals and cryptocurrency operations, with the exchange explicitly disclaiming responsibility for any resulting financial losses. Those who believe their accounts were flagged incorrectly must initiate a manual review through official support channels.

This crackdown arrives during a period of heightened international scrutiny. In South Korea, the Gangwon Provincial Police Agency has launched an investigation into local users, marking the first time domestic authorities have formally probed participation in such platforms. Meanwhile, U.S. federal prosecutors are pursuing criminal cases involving the alleged misuse of classified information to gain an edge in betting, alongside ongoing oversight from the Commodity Futures Trading Commission regarding market manipulation.