Brazil has blocked 27 prediction market platforms, including Kalshi and Polymarket, as new rules classify many contracts as gambling.
Brazilian authorities have moved to shut down 27 prediction market platforms, including Kalshi and Polymarket.
The decision, announced Friday, follows a directive from the Ministry of Finance and enforcement by the National Telecommunications Agency (Anatel), according to state-owned news outlet Agência Brasil. Authorities claimed that such services fall outside Brazil’s current legal framework and therefore operate illegally.
“We have been monitoring the evolution of this sector in Brazil, which suffered a period of anarchy because there were no rules, no oversight, from 2018 to 2022,” Finance Ministry executive secretary Dario Durigan reportedly said during a press conference at the Palácio do Planalto.
