Bitbank Freezes Accounts Linked to Polymarket on June 15, Cites Japan Gambling Law

According to its formal notice, Bitbank froze accounts linked to Polymarket on June 15, 2026, citing Japan's Penal Code Article 185, which classifies cryptocurrency event-contract trading as gambling. Suspended accounts lose all login access, trading functions, crypto deposits and withdrawals, and Japanese yen withdrawals. The exchange will not be liable for damages from suspensions.

Polymarket operates as a decentralized platform where users stake cryptocurrency on real-world outcomes such as elections or economic data. Under Japanese law, this activity qualifies as gambling with no narrow exceptions. The Financial Services Agency has issued no regulatory path for prediction markets, and the National Police Agency has explicitly stated that Japanese residents accessing legally-operated foreign gambling platforms commit a crime. Polymarket already geoblocks Japanese IP addresses per its Terms of Service.