Polymarket is asking a Dutch court to overturn the Netherlands’ ban on its prediction market, arguing it offers financial products that belong under the country’s markets watchdog – an argument the regulator has already rejected.

The case follows a Jan. 20 order against Polymarket’s operator to stop serving Dutch users within four weeks or pay €420,000 ($471,000) a week, up to €840,000 ($943,000). Netherlands Gambling Authority (KSA) inspectors had opened an account from a Dutch IP address, deposited €10 by card from a Dutch bank account and bought a $1 “Yes” share on Rob Jetten in the “Next Prime Minister of the Netherlands” market. The site also offered a Dutch-language AI chatbot, the order noted.

Polymarket has now confirmed it has gone to court to lift the ban, Dutch financial daily Het Financieele Dagblad reported. The company raised the typical industry argument that its event contracts resemble futures and should be supervised by the Netherlands Authority for the Financial Markets (AFM) rather than the KSA.

Polymarket says it switched on IP blocking on Feb. 18, but the deadline had expired the day before, so the regulator ruled €420,000 forfeited and moved to collect it in May.

In its objection, the company argued that users trade positions with each other through an open-source protocol on the Polygon blockchain, with no house and with outcomes settled by an automated oracle, and pointed to the Commodity Futures Trading Commission’s oversight of comparable U.S. platforms.