Polymarket and Kalshi continue operating in India despite government warnings that the platforms violate local law. Both services allow Indian users to sign up and trade on their prediction markets.
India's technology ministry has declared prediction market platforms illegal, but Polymarket and Kalshi have maintained access for Indian customers. The platforms enable users to trade on the outcomes of future events, including elections and economic indicators.
The platforms' defiance comes as India tightens regulations around online betting and gambling. The government has previously warned that such services violate domestic laws governing financial markets and gaming.
Neither Polymarket nor Kalshi has publicly acknowledged the ministry's warnings or explained their continued operations in the country. The move reflects a broader pattern of crypto and fintech platforms operating across jurisdictional boundaries despite local restrictions.
India has been increasingly aggressive in regulating digital finance platforms. The government blocked access to certain cryptocurrency exchanges in 2021 and has pursued stricter oversight of financial technology services.
Crypto investor Katie Haun has closed $1 billion in new venture funds, marking an expansion beyond digital assets into artificial intelligence and agentic finance.
Polymarket has partnered with blockchain analytics firm Chainalysis to deploy detection tools designed to identify insider trading patterns on its prediction market platform.
The Securities and Exchange Commission has postponed releasing an 'innovation exemption' that would permit crypto firms to trade tokenized versions of U.S. stocks, according to sources cited by Bloomberg.
Prediction market platform Polymarket has applied for regulatory approval from the CFTC and NFA to offer margin trading in the United States. The feature would allow users to place bets with less capital upfront.