- Polymarket has been banned in Singapore and users’ access has been banned.
- Polymarket violated the Section 20 of the Gambling Control Act of Singapore.
- The Singapore ban follows a similar ban in France and Taiwan.
Polymarket, the crypto-based prediction market platform in New York, is now banned in Singapore. Local authorities labeled the platform as an illegal gambling operation. The ban took effect on January 12th, when authorities blocked users from accessing the website.
As per a report, Singapore banned Polymarket for operating without a license. Launched in 2020, the platform allows users to bet on various topics, from elections to sports. It gained prominence during the 2024 US presidential election.
A warning message now appears when a user from Singapore tries to access Polymarket. It cites Section 20 of the Gambling Control Act, which imposes fines up to $10,000 and jail time up to six months for violations. The Gambling Control Act of 2022 requires a license to provide gambling services in Singapore.
Built on the Polygon blockchain, Polymarket allows users to bet on current events using USDC. It is a popular decentralized platform for crypto enthusiasts worldwide. However, the site is now facing regulatory challenges.
Related: 82% Odds for Solana ETF Approval: Polymarket Signals Confidence
Back in 2022, Polymarket was targeted by the United States Commodity Futures Trading Commission (CFTC) which claimed that it was operating a unregistered derivatives trading platform. As a result, Polymarket paid a hefty fine of $1.4 million and had to block all the users in the US.
Additionally, the French National Gaming Authority (ANJ) also blocked the access to Polymarket. Notably, the first country to block access to the betting market was Taiwan with local authorities arresting 17 people for trying to bet on the platform.
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