Bitbank warned users that on-chain activity linked to Polymarket in Japan and similar prediction markets could lead to account suspension.
Bitbank, a Japanese crypto exchange, warned customers that using Polymarket or similar prediction markets could put their accounts at risk.
In a June 15 blog post, Bitbank said prediction markets are run by overseas operators and accessing them from Japan for financial gain may fall under gambling or related offenses.
The exchange said it may suspend accounts if it confirms deposits or withdrawals with prediction market services or services suspected of being connected to them.
Founded in 2014, Bitbank is one of Japan’s larger domestic crypto exchanges, ranking fourth among Japan-based exchanges by 24-hour trading volume on CoinGecko, with about $35.5 million in volume.
Read also: New US Rules for Prediction Markets: What Happens to Polymarket and Kalshi?
Account Freeze Could Block All Functions
If an account is suspended, users won’t be able to log in, deposit or withdraw crypto, withdraw yen, or buy and sell crypto, according to a translated version of Bitbank’s Japanese blog post.
The company also said it won’t be responsible for customer losses caused by an account freeze.
Bitbank said users who believe they were suspended by mistake can contact the company through its inquiry form, though it didn’t say how long reviews would take or whether account access would be restored during the process.
Polymarket Lists Japan as Blocked
Polymarket’s own help center also lists Japan among countries completely restricted from accessing the platform. The page says Polymarket isn’t available in 33 countries and regions, including Japan, the United States, the United Kingdom, France, Germany, Italy, Singapore, Thailand and Taiwan.
Polymarket also says users are prohibited from using VPNs or similar tools to bypass geographic restrictions, and that availability rules are based on physical location rather than residency.
Read more: South Korea Investigates Polymarket Use: Users Face Fines Up to $6,500
