Portugal's SRIJ Orders Polymarket to Cease Operations on 20 January 2026 Over Election Bets

On January 20, 2026, Portugal's gambling regulator SRIJ ordered cryptocurrency prediction platform Polymarket to shut down for operating unauthorized online gambling tied to political events, with blocking expected within 48 hours. Around €4 million reportedly flowed into Polymarket's Portuguese presidential election markets before official results, raising concerns about premature result leaks and regulatory enforcement. USDC, Polymarket's main collateral, continues to trade at $1 with a market cap of $75.63 billion and $13.88 billion in volume despite these regulatory pressures.