Brazil now blocks Polymarket through two separate mechanisms, and it’s important to tell them apart:
- A country-imposed block. On April 24, 2026, Brazil’s National Monetary Council (CMN) issued a resolution blocking Polymarket alongside 26 other prediction market sites, classifying them as “illegal betting.” Finance Minister Dario Durigan announced the move at a press conference in Brasília, casting it as part of a broader effort to protect Brazilians’ savings and curb the social harm of unregulated gambling.
- Polymarket’s own restriction. Independently of Brazil’s government action, Polymarket itself lists Brazil as close-only under its geographic restrictions. That means USDC/USD balances and open positions that already exist can be closed, but new positions cannot be opened. So even setting aside the CMN resolution, a new visitor can’t start trading from Brazil.
Brazil now joins France, Hungary, and Portugal in formally restricting Polymarket on gambling-law grounds — with the added wrinkle that Polymarket restricts Brazil on its own side as well.
Current Status
Blocked in Brazil for new trading. Your experience depends on which restriction you hit:
- Polymarket close-only: Even without the Brazilian government, Polymarket denies new orders from Brazil. Existing balances and open positions can be closed, but you cannot open new trades.
- CMN country block: Government action targeting platforms operating in Brazilian jurisdiction, classifying prediction markets as illegal betting. Polymarket may still technically serve some users, but the government considers it unlawful.
For a new visitor, the bottom line is the same: you can’t start trading from Brazil today. Existing positions can be closed, and prior tax obligations remain.
What the Resolution Bans
The CMN resolution prohibits the trading of derivatives whose underlying assets are linked to:
- Sporting events — match outcomes, player performance, tournament winners
- Online gambling — generally
- “Real or virtual events of a political, electoral, social, cultural or entertainment nature” — this is the catch-all that captures election markets, geopolitical bets, awards-show wagers, and similar contracts that make up the majority of Polymarket’s volume
A total of 27 sites were blocked for offering what the government called “illegal betting.” Polymarket and Kalshi were both named.
“We have advocated for stricter enforcement and very rigorous regulation, which will continue to advance, so that we can curb the negative externalities and social harm that unregulated gambling causes to the Brazilian population.” — Dario Durigan, Finance Minister
The B3 Carve-Out
Unlike the outright bans in France, Hungary, and Portugal, Brazil’s resolution carved out an allowance for one category: contracts tied to economic-financial benchmarks may still be permitted, at the discretion of CVM (Comissão de Valores Mobiliários), the country’s securities regulator.
This protects an existing pipeline. B3, Brazil’s main stock exchange, will launch six new contracts on April 27, 2026, tied to:
- The Ibovespa equity index
- The Brazilian real
- Bitcoin
B3 had also studied expanding into event-based contracts including election markets, and previously sought a legal opinion on whether Brazilian law allows contracts tied to electoral outcomes. The new resolution explicitly closes that door — election bets are prohibited, including any product that might have been introduced ahead of the country’s October presidential race between Lula and Senator Flavio Bolsonaro.
How the Block Was Built
The April 24 resolution didn’t appear out of nowhere. The pressure had been building for months:
- February 2026: Brazilian betting industry bodies (IBJR and ANJL) formally asked the SPA (Secretariat of Prizes and Bets) to block Polymarket and Kalshi. They argued the platforms were offering unlicensed betting in direct competition with the regulated sportsbook market.
- March 9, 2026: The SPA issued an official warning that no company was authorized to operate prediction markets in Brazil.
- April 24, 2026: The CMN — which includes members of the government and the central bank — issued the binding resolution. CVM was tasked with issuing additional regulations and overseeing enforcement.
Industry Response
Polymarket has not yet publicly responded to the resolution. A spokesperson for Kalshi — which was co-founded by a Brazilian and recently announced plans to expand into the country — said the company is reviewing the resolution.
Brazil is now part of a growing list of countries treating prediction markets as gambling for legal purposes. State regulators in the US have made similar arguments, though the federal Commodity Futures Trading Commission (CFTC) has pushed back in court.
What This Means for Brazilian Users
If you previously used Polymarket from Brazil, the practical situation has changed — and there are two layers to it:
- Close-only (Polymarket’s own rule): Polymarket restricts Brazil to close-only. If you have open positions or a USDC balance, you can close existing positions and withdraw funds, but you cannot open new trades. This is Polymarket enforcing its own geographic restrictions independently of Brazil’s government.
- Existing balances (CMN country block): The government resolution targets the platforms, not retroactive criminalization of users. But you should review your situation with a qualified Brazilian tax/legal advisor before moving funds.
- Tax obligations remain: Brazilian crypto tax rules (15-22.5% progressive) apply to past trading activity regardless of the platform’s current status. Stablecoin transactions are classified as foreign exchange operations under late-2025 BCB rules and may have additional reporting requirements.
- Access: Like France, Hungary, and Portugal, Brazil’s block targets the platforms within Brazilian jurisdiction. Users in restricted countries have historically taken their own routes to remain on Polymarket — that’s a personal decision and we won’t walk you through the legal calculus.
If you’re looking for legal alternatives that operate within Brazilian regulation, the B3 contracts launching April 27 are the closest equivalent for economic and currency exposure.
The Three Brazilian Regulators in Play
For context on how the block was constructed and where future enforcement will sit:
CMN (National Monetary Council)
- Issued the April 24, 2026 resolution
- Includes representatives from the government and the central bank
- Sets the binding policy
CVM (Securities Commission)
- Now tasked with enforcement and issuing additional regulations
- Holds discretion over the economic-financial benchmark carve-out
- Already approved B3’s initial prediction-style derivatives in February 2026
SPA (Secretariat of Prizes and Bets)
- Issued the March 9, 2026 warning that no prediction market operator was authorized
- Originally received the IBJR/ANJL complaint in February 2026
- Regulates the broader sports-betting and gambling market
The BCB (Central Bank) continues to govern crypto/stablecoin compliance separately under Marco Legal das Criptomoedas — that framework wasn’t changed by this resolution.
Tax Considerations (Still Apply)
| Tax | Rate | Details |
|---|---|---|
| Crypto gains | 15-22.5% | Progressive rates based on monthly gains |
| Foreign exchange | Additional reporting | USDC transactions classified as FX operations since late 2025 |
| Travel Rule | N/A | Applies to all virtual asset transfers regardless of amount |
Keep records of all past deposits, trades, and withdrawals. The block doesn’t erase tax history.
Related Reading
- All Country Guides — Check availability for every country
- Country Availability Checker — Instant status lookup for 190+ countries
- What Is Polymarket? — Full platform overview
- How Polymarket Markets Resolve — How outcomes get settled
- Polymarket Fees Explained — Fee breakdown by category (or use the fee calculator)
- Polymarket Review 2026 — Our honest review after 3 years of trading