Polymarket has launched a lobbying campaign in the United Kingdom and the EU to gain recognition as a financial services company, the Financial Times reported on Tuesday, citing sources.

According to the outlet, the company is holding meetings with regulatory authorities in London, Brussels and other European cities to gain recognition as a financial services provider, rather than a gambling company.

Polymarket is allegedly already cooperating with the European Securities and Markets Authority (ESMA) and the European Commission while seeking licenses in individual countries.

The outlet also claimed that European regulators are unlikely to relax the rules, as insider trading is “widespread” in prediction markets.