Dubai, UAE — A prominent investor in the UAE is taking legal and regulatory action against Polymarket, the decentralized predictions market, alleging the platform failed to release disputed funds and ignored multiple attempts to resolve the issue.
Mohmed Al Bark, a UAE-based user of the platform, has accused Polymarket of mishandling a market resolution and failing to return his funds. After receiving no meaningful response to formal inquiries and a legal demand, Al Bark is now escalating the matter to UAE authorities.
According to individuals familiar with the case, Al Bark has filed a comprehensive complaint outlining concerns over what he describes as deceptive practices, poor dispute resolution, and a lack of responsiveness from Polymarket’s compliance and legal teams.
“Polymarket’s silence and vague answers don’t just reflect poor customer service—they suggest a deeper accountability issue,” Al Bark said in a statement. “They’re about to learn how seriously we take digital asset compliance here.”
Legal Action and Calls for Platform Blackout
Al Bark has confirmed that he has filed complaints with several UAE agencies, including the Consumer Protection division and the Virtual Assets Regulatory Authority (VARA). His strategy reportedly includes:
- A formal fraud complaint with UAE Consumer Protection authorities
- A regulatory case filed with VARA
- Notifications and warnings to local blockchain accelerators, conferences, and investors
- Efforts to initiate a technical and legal block of Polymarket’s access in the UAE
Al Bark, who claims to have ties to key regulatory figures in the UAE’s digital economy space, argues that Polymarket’s internal dispute process is both opaque and ineffective. he describes Polymarket as “negligent and evasive” handling of a serious dispute.
“Being decentralized doesn’t give them a free pass. They’re still responsible for how they handle users’ money,” he added.
Broader Impact on Web3 Regulation in the Region
The case could have ripple effects for Web3 platforms operating in the Gulf, especially as the UAE continues to assert itself as a global hub for digital assets with strict compliance frameworks. A successful enforcement action could serve as a cautionary tale for decentralized platforms that fail to meet regional regulatory expectations.
As of now, Polymarket has not issued a public response.