Japanese cryptocurrency exchange Bitbank: If withdrawals and deposits related to prediction markets such as Polymarket are discovered, account suspension measures may be taken

The Japanese cryptocurrency exchange Bitbank today issued a risk warning to users regarding the use of prediction market services such as Polymarket.

The announcement pointed out that prediction platforms that trade on future events, elections, or sports results using cryptocurrency assets are mostly operated by overseas institutions. If users access these platforms from within Japan and participate in trading for the purpose of making financial gains, they may be suspected of violating Japan's relevant gambling regulations.

Bitbank emphasized that if the platform detects withdrawal and deposit records related to prediction markets or suspected related services in a user's account, it may implement suspension measures on that account. Once an account is suspended, the user will be unable to log in, trade, or withdraw and deposit cryptocurrency assets and yen, and the platform will not be responsible for any losses incurred as a result.