Dubai, UAE — A prominent UAE-based investor is taking legal and regulatory action against Polymarket, the decentralized prediction market, claiming the platform has failed to release disputed funds and ignored multiple attempts to resolve the matter.
Mohmed Al Bark, a user of Polymarket based in the UAE, has accused the platform of mishandling a market resolution and not returning his funds. After receiving no meaningful responses to formal inquiries and a legal demand, Al Bark has escalated the issue to UAE authorities.
Sources familiar with the case say that Al Bark has filed a detailed complaint, alleging deceptive practices, inadequate dispute resolution, and a lack of response from Polymarket’s legal and compliance teams.
“Polymarket’s silence and vague responses are not just a customer service failure—they point to a deeper issue of accountability,” Al Bark said in a statement. “They’re about to find out just how seriously we take digital asset compliance here in the UAE.”
Legal Actions and Calls for a Platform Ban
Al Bark has confirmed he has lodged complaints with several UAE agencies, including the Consumer Protection Department and the Virtual Assets Regulatory Authority (VARA). His legal strategy includes:
- Filing a formal fraud complaint with UAE Consumer Protection authorities
- Initiating a regulatory case with VARA
- Issuing warnings to local blockchain accelerators, conferences, and investors
- Seeking to block Polymarket’s access to the UAE through both technical and legal means
Al Bark, who claims to have connections with key figures in the UAE’s digital economy, asserts that Polymarket’s dispute process is both opaque and ineffective. He has criticized the platform’s “negligent and evasive” handling of the situation.
“Being decentralized doesn’t absolve them of responsibility. They are still accountable for how they manage users’ funds,” he added.
Potential Ripple Effects on Web3 Regulation in the Region
This case could have significant implications for Web3 platforms operating in the Gulf, especially as the UAE positions itself as a global hub for digital assets, with a strict compliance framework. A successful enforcement action against Polymarket could serve as a warning to other decentralized platforms that fail to meet regional regulatory standards.
As of now, Polymarket has not publicly responded to the allegations.
