Emily Walker
The regulatory authorities in Singapore have identified a US-based cryptocurrency prediction market as an illegal gambling entity, resulting in the site’s ban.
The crypto betting platform Polymarket is no longer accessible to users in Singapore, as it has been categorized as an “unlicensed online gambling operator,” breaching the country’s stringent gambling regulations.
Polymarket Faces Ban in Singapore
On January 12, Singapore’s Gambling Regulatory Authority enforced a ban on the Polymarket site, cutting off user access to the crypto-based prediction market.
“Polymarket is now recognized as a gambling website in Singapore,” stated Alex Zuo, Vice President of Investment and Custody at Cobo Global.
Analysts have characterized Polymarket as a platform where users can wager on a variety of events including elections and sports. However, the Gambling Regulatory Authority deemed it an unlicensed gambling operation within Singapore.
Warnings for Users
“You attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,” warned the regulator in a notice displayed on the site.
Polymarket has been banned in Singapore, recognized as a gambling site
The decentralized prediction platform Polymarket is reportedly blocked in Singapore for being classified as a gambling site, according to BeInCrypto. This was mentioned in a recent post by Alex Zuo.
— CoinNess Global (@CoinnessGL) January 12, 2025
Breach of Gambling Laws
The GRA stated that Polymarket is in violation of the Gambling Control Act 2022, which regulates unlawful gambling and authorized services outside casinos.
According to the law, gambling operators wishing to provide services to residents of Singapore must acquire the necessary licenses from the appropriate authority.
Currently, the only licensed online gambling operator in Singapore is the state-owned lottery, Singapore Pools.
“If you wish to place a bet, it must be with a state-owned gambling entity; otherwise, you risk fines and jail sentences,” Zuo said in his X post.
Consequences of Violation
Authorities have warned that accessing unlicensed gambling sites can lead to fines and imprisonment.
“According to Section 20 of the Gambling Control Act 2022, individuals convicted of betting with unlicensed providers may incur a fine up to $10,000 or face a prison term of no more than 6 months, or both,” stated the GRA.
Challenges for Polymarket
The ban on Polymarket in Singapore is not an isolated incident; the platform is also encountering barriers in other nations.
In November of the previous year, France’s National Gaming Authority flagged Polymarket, finding it non-compliant with the strict regulations governing gambling in the country.
Additionally, the Commodity Futures Trading Commission in the United States has also labeled the platform as an “unregistered derivatives trading platform.”
Featured image from Pexels, chart from TradingView