Media reports, citing unnamed people familiar with the matter, said Polymarket is lobbying regulators across Europe to be classified as a financial services firm rather than a gambling company. According to Sina Finance, the company wants to fall under the EU Markets in Financial Instruments Directive, rather than gambling laws, and executives have met with Nikhil Rathi, chief executive of the U.K. Financial Conduct Authority.

Polymarket has also been in contact with the European Securities and Markets Authority and the European Commission, and has met regulators in some EU member states in an effort to obtain a European operating license. The platform joined the European Blockchain Association this month and has begun talks with other European industry groups.

Polymarket said, “As we expand our business footprint and global scale, we are committed to engaging early and openly with policymakers and regulators.” The European Securities and Markets Authority and the U.K. Financial Conduct Authority declined to comment.