ESMA Raises Entry Bar for European Prediction Markets, Orders Strict Case-by-Case Legal Classification

Europe’s top financial regulator, ESMA, put out a statement saying that existing rules against binary options, a type of high-risk financial bet, may already cover prediction market contracts. ESMA did not create any new rules. It just tightened them. Polymarket was recently accused of deceptive advertising targeting U.S. users. Seeing this, ESMA has tightened the rules