Singapore Blocks Polymarket, Citing Illegal Online Gambling Laws
Popular prediction marketplace Polymarket has been blocked in Singapore, as the nation intensifies its crackdown on unlicensed online gambling. This move follows similar restrictions imposed by other countries, including the U.S., France, and Taiwan, highlighting the growing global scrutiny faced by the platform.
Singapore Cracks Down on Unlicensed Gambling
Singaporean users first reported difficulties accessing Polymarket on January 12. Screenshots circulating on social media revealed a notice from Singapore's Gaming Regulatory Authority (GRA) stating that the platform is considered illegal under the country's laws. The notice warns that violators could face a fine of up to $10,000, six months in prison, or both.
Screenshots on X show that Singapore's gambling regulator is warning users that Polymarket is illegal.
The GRA's notice directs users to Singapore Pools, a state-owned lottery subsidiary and the only licensed online gambling provider in the country. This restriction is part of a broader national effort to curb unlicensed online gambling, which has resulted in the closure of over 3,800 websites and the blocking of $37 million in transactions as of December 31, 2024, according to Singapore's Home Affairs Minister.
Polymarket's Global Popularity and Regulatory Challenges
Polymarket, which allows users to bet on the outcome of real-world events using cryptocurrency, has gained significant popularity, particularly during the 2024 presidential election cycle. However, its rise has also attracted the attention of regulators worldwide.
Taiwan restricted access to Polymarket in 2024, and even prosecuted an individual for placing bets on political elections through the platform. Polymarket is also banned in France and the U.S., and its terms of service prohibit users from numerous other countries, including Bolivia, Venezuela, and Iran.
The Future of Decentralized Prediction Markets
Singapore's decision to block Polymarket underscores the ongoing tension between the innovative potential of blockchain-based prediction markets and the regulatory frameworks governing online gambling. As Polymarket's popularity grows, it continues to face increasing scrutiny from authorities around the globe, raising questions about the future of decentralized prediction platforms.